Winans: No End to Housing Woes in Sight

Researchers at investment management and research firm Winans International, Novato, Calif., predict that housing prices will not recover in 2009. "This bear market will probably not end in 2009. Past real estate markets ended when the average time it took to sell a new house dropped to three and a half months. Currently, it is taking over nine months for transactions to close due to tight credit conditions," said president and founder Ken Winans. Furthermore, home prices nationally have fallen 23% since March of 2007, according to The Winans International Real Estate Index. Sales are down 71% since that time and listings have contracted 34%, according to the index. The firm said that the inventory of new homes on the market reached a record time to sell high of 16.5 months in December.