Our Awful Situation
Misleading headline: End of US Housing Slump Likely to Be Long, Painful
The headline to this story really could have been much more positive. Yes, we’re still in a major slump but the light at the end of the tunnel is starting to reveal itself:
Like spring flowers, the “For Sale” signs are sprouting in front yards all over the country. But anxious sellers are facing the most brutal environment in decades, with a slumping economy, falling home prices and rising mortgage foreclosures.
And even the faint promise of better days ahead might not come true, given all the headwinds the housing industry is facing at the moment.
“This is going to be another difficult spring,” said Mark Zandi, chief economist at Moody’s Economy.com. “I think we are at the beginning of the end of the housing downturn, but it is going to be a long and painful end.”
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