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Housing Slump Prelude to Recession, Study Says

The nation’s housing slump, crippled by falling prices and rising inventories of unsold homes, is the worst in a generation and still hasn’t run its full course, according to Harvard University’s annual housing report.

Harvard University’s Joint Center for Housing Studies painted a bleak picture of the current housing downturn, claiming that “the nation is in the throes of a housing downturn that is shaping up to be the worst in a generation.”

The study,  the “State of the Nation's Housing 2008,” noted that housing starts, new home sales and existing home sales are at all-time lows since after World War II, while home price declines and foreclosure filings are the worst on record.

A recession followed six of the last seven housing downturns, said Nicolas P. Retsinas, director of Harvard University’s Joint Center for Housing Studies. The report concludes that the high levels of foreclosures will continue to exert downward pressure on housing prices, especially in low-income and minority communities, where subprime loans are heavily concentrated.

“The slump in housing markets has not yet run its full course,” Retsinas said in a news release. “With home prices falling in most metropolitan areas, homeowners are tightening their belts, remodeling less and staying on the sidelines.” 

Are we headed for a recession or are we already there? Send your comment to ForeclosurePulse..

Posted: Wed, June 25 2008 7:29 AM by Octavion
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# March 10, 2012 11:25 AM

Bambang said:

Most of the press is following the lies being told. Shadow Inventory in the state of Florida is goirwng in record amounts. They seem to think if they ignore the elephant (shadow inventory)in the room people will forget about it and property values will go up and buying will resume. Well if they keep ignoring this problem it is only going to get worse. Published reports indicate Florida has around 450,000 homes in shadow inventory thats nearly twice 2nd place California. These properties are goirwng at a much faster rate than they are processing through the courts (Florida is a judical state). The banks are holding back the properties it is not FNMA or Freddie Mac or the courts. The banks are allowed to keep the properties on their books at asset value (the banks determine asset value) want guess where they value the properties their books(make not stockholders), they also have to get clear title before going to the courts. What ever the real reason in Florida the foreclosures on the market have dropped dramaticly but they have not gone away. The longer this continues the further prices will fall. It appears the idiots that got us in this position (the banks and the government) are making these decisions to stall the process.

# March 12, 2012 9:24 PM

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