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March 16, 2007

No Recession but mortgage defaults will drag housing prices down

NPR just posted this link to Robert Siegel's interview this evening with MIT economist Bill Wheaton: Expert: Mortgage Defaults Won't Key Recession

Thus far there is no audio online and the transcript is pending.  So home sellers should recheck the link above before jumping to an overly optimistic conclusion.  At the end of January, Wheaton predicted that Housing prices could decline another 20% in Greater Boston and other markets nationwide, particularly those where housing prices were inflated by subprime lending.  So home buyers, no need to rush your offers if housing will be a multiyear economic drag, right?

Bill Wendel | 07:23 PM in Price trends, Real Estate Bubble, Timing the market | Permalink

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