All Posts Tagged With: "economic crisis"

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Mortgage Housing Economic Crisis to Get Worse

Those investors who think that the worse of the mortgage, housing, and economic crisis are already behind us should consider the following report.

According to a new report from the Office of Federal Housing Enterprise Oversight the prices of homes sold in the first quarter of 2008 posted a record decline.

Home prices fell 3.1% from the first quarter of 2007, the largest decline in the purchase-only index, which excludes refinancings, since the federal agency began keeping records 17 years ago.

First-quarter prices dropped 1.7% from the fourth quarter, the largest quarterly dip ever.

“It’s not going to be the largest decline on record for long,” said Peter Schiff, president and chief global strategist at Euro Pacific Capital.”Prices are going to keep falling until we get to the equilibrium, which is much, much lower. This is only the beginning.”

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22May2008 | taipan | 0 comments | Continued

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