Housing Slump Won't Ease Anytime Soon, Says Study

Rising mortgage rates and a tenacious slump in sales and home values will continue to depress the worst housing market in decades, reports Reuters. Don't expect potential saviors—new home buyers—to make a dent any time soon, says a Harvard study. With mortgage rates at a 9-month high, credit tight, and foreclosures on the rise, they will likely wait until the market hits bottom, and it appears to have a ways to go. 

"The somber conclusion is that if the economy slips into recession or job losses keep racking up, household growth and homeownership demand could fall even more," said the Joint Center for Housing Studies at Harvard. (More housing market stories.)