A UBS Securities economist says he expects prices of existing homes to decline 15% before the housing market recovers and that prices could fall even further if excess supplies are not quickly reduced.UBS Securities economist Maury Harris noted that house prices have declined by 5% already and said he expects another 10% decline because of the tightening of mortgage credit and surging foreclosures. These "unprecedented" factors are making it "unusually difficult" to reduce the large inventory of unsold single-family homes, including a 5.1-month supply of vacant properties. "Unless excess supplies are quickly reduced," home prices could fall by 20%, he said. Last year, Mr. Harris forecast a 10% decline in home prices from peak to trough.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11