Sunday, November 1, 2009

Housing Pain May Not Be Over

Even as home prices rose for the third-straight month, some experts remain skeptical about the strength of the current market recovery, noting that prices could drop this winter.

“Plenty of pain yet to come,” says Joshua Shapiro, chief United States economist for MFR. Meanwhile, Maureen Maitland, vice president of Standard & Poor’s index services, warns, “Everything is up for grabs this winter.”

The current housing recovery is "principally government sponsored and therefore tenuous," writes Deutsche Bank homebuilding analyst Nishu Sood in a note to investors.

Consumers also seem to have a negative outlook. The Conference Board’s consumer confidence index fell unexpectedly in October to its second-lowest reading since May.

Source: USA Today
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