S&P Predicts Housing Prices Will Fall Further
The oversupply of homes on the market in many regions is likely to reduce home prices still further, rating agency Standard & Poor’s said in a statement Friday.
“While home prices have been trending up since spring 2009, existing, new and pending home sales are waning, which suggests that lower prices are on the horizon,” said S&P in the statement.
The S&P predicted that declining prices will increase the inventory of distressed U.S. housing further and prevent the market from stabilizing.
Source: Reuters News (01/29/2010)
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