Three words describe the housing market (and economy in general), "This is nuts!" The downturn of the housing market continues on and doesn't appear to be coming to an end anytime soon. According to Chief Executive Officer of JP Morgan Chase & Co., Jamie Dimon, home prices will drop as much as 9 percent this year. In Suffolk/Nassau County, the expectations are worse, with declines of 12.7% in 2008. This trend is expected to continue through 2009 at a rate of 8.9% according to the Long Island Board Of Realtors.
The chief U.S. economist for Goldman Sachs, Jan Hatzius, projects prices to fall another 10% before stabilizing in late 2009.
Real Estate Market Values
0 comments • Thomas McGiveron • June 19 2008 08:50PMComments
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