HUD Chief: Home Prices ‘Very Unlikely’ to Fall FurtherSubmitted by bobbyw24 on Tue, 07/05/2011 - 07:03
Homes in the U.S. are the most affordable they’ve been in decades and prices may start to climb as soon as the third quarter, Housing and Urban Development Secretary Shaun Donovan said Sunday.
“It’s very unlikely that we will see a significant further decline,” Donovan said on CNN. “The real question is when will we start to see sustainable increases. Some think it will be as early as the end of this summer or this fall.”
Home sales have increased in six out of the past nine months and the number of property owners in default is declining, Donovan said on CNN’s “State of the Union” program. Housing prices will begin rising as the number of foreclosures declines, he said.