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THURSDAY, NOVEMBER 26, 2009
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 ANALYSIS 
3

Housing Rebound Unlikely in '09

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(Newser) – If you’ve been waiting for a housing recovery, keep waiting. This March-June, the season when most homes are typically bought and sold, promises to be the worst since the bubble burst in 2006, the New York Times reports. Some 19 million homes—nearly one of every seven nationwide—are vacant, but only 6 million are currently for sale, meaning prices, already down 50% in recent years, are in for a crushing wave of supply.

This week brought yet more bad data for sellers: One in every nine mortgages is delinquent or in foreclosure, and sales of previously owned homes fell at their fastest pace in two years. “You are really looking at a very, very ugly outlook,” said the head of one housing research firm. Prices are likely to keep on falling into 2010.

A foreclosure sign blows in the wind in front of a home under foreclosure in Antioch, Calif., Monday, Feb. 23, 2009.
A foreclosure sign blows in the wind in front of a home under foreclosure in Antioch, Calif., Monday, Feb. 23, 2009.   (AP Photo/Paul Sakuma)
A price-reduction sale tops the sale sign of a home in the Denver suburb of Greenwood Village on Monday, Feb. 2, 2009.
A price-reduction sale tops the sale sign of a home in the Denver suburb of Greenwood Village on Monday, Feb. 2, 2009.   (AP Photo/David Zalubowski)
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A "Reduced Price" sign is shown at a home for sale in Palo Alto, Calif., Monday, Jan. 26, 2009.   (AP Photo/Paul Sakuma)
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I just felt that this would be the perfect time to buy. - Christian Punsal, a 24-year-old who just bought a 3-bedroom, $193,000 home. Four years ago, the home sold for $336,000.

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SPH
Mar 7, 09 12:39 PM CST
You would think rents would fall...But no...... Reply
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Mr.C
Mar 7, 09 7:04 PM CST
my family income has...
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IN RESPONSE:
radnip
Mar 10, 09 2:45 AM CDT
Rents are falling a bit but they never rose as much as home/condo prices.
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