Report shows today U.S. home prices falling by 8.9% in the Q4 2007, which marks one full year of declining values.
Are we out of the woods yet? Did we find a housing bottom?
I think not. Even if the consumer confidence will rebound (it's expected to report today another fall, to 82.00), it will take a while to get rid of all the housing supply, in addition to clear out the foreclosures. Experts say that housing prices may fall by another 15-20% in 2008. This sounds drastic, but it may happen.
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