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A blog about the economy and the Sacramento-area real estate market.

June 23, 2008
Harvard: Housing downturn shaping up as worst in a generation

      This46fb45e9c7.gif from Harvard University today and not very cheerful, either:

 New York, NY - The nation is in the throes of a housing downturn that is shaping up to be the worst in a generation, finds The State of the Nation's Housing report issued today by the Joint Center for Housing Studies of Harvard University.

While the falloff in housing starts, new home sales, and existing home sales already rivals the worst downturns in the post World War II era, home price declines and mortgage defaults are the worst on records that date back to the 1960s and 1970s.

"The slump in housing markets has not yet run its full course," concludes Nicolas P. Retsinas, the director of the Joint Center for Housing Studies. "Mortgage rates have barely responded to the aggressive easing of the Federal Reserve, the supply of for-sale vacant units continues to grow, and much tighter underwriting is locking many would-be homebuyers out of the market.

With home prices falling in most metropolitan areas, homeowners are tightening their belts, remodeling less, and staying on the sidelines."

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