Default Vendor: Home Price Slide Will Continue

Thanks to a poor national jobs outlook, home prices will continue to slide next year and a new wave of foreclosures will hit the market, according to Dave McCarthy, president and CEO of Integrated Asset Services, Denver. Mr. McCarthy believes the $8,000 first-time home buyer tax credit -- which was recently extended by the government -- "persuaded some buyers to make their purchase sooner than they otherwise would have." The leading U.S. housing benchmark has fallen by more than 25% since its peak in July of 2006, and is roughly back to its January 2004 level, he noted. The executive warns that the home price slide could continue as rising unemployment causes more Americans to fall behind on their mortgage payments and end up in foreclosure. IAS is a vendor that offers default management and residential collateral valuations.