Fannie Mae Economist: Nation Halfway Through 10-Year Recovery
Tuesday, December 13, 2011
The Daily Transcript -- The nation’s economy is five years into a 10-year recovery cycle, according to Douglas Duncan, Fannie Mae chief economist and vice president.
National housing prices have another 3 percent left to fall, excluding distressed sales, and could fall another 7 percent altogether, he said, speaking at the annual real estate conference held by the University of San Diego's Burnham-Moores Center for Real Estate.
The housing market's problem is too much supply, much of which is comprised of distressed properties, and too little demand. The lack of demand is driven not only by the nation’s stubbornly high unemployment rate, but also the lack of movement in wages of those that are employed. (Full Story)