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Housing Slump Not Over Yet

State of the Nation's Housing: It's Not Over 'Til It's Over


Charlotte, North Carolina is finally getting a small taste of what places like Las Vegas and Miami consider old news, and it's no party scene. As prices there started slipping the city became the nation's last to finally hit the downward housing trend. Prices in Charlotte are nowhere near the huge percentage drops seen in hard hit Vegas and Miami, but their one-month slip is significant because no city was safe from falling prices in April according to The Standard & Poor's/Case-Shiller home price index.

Another reporting force, Harvard's Joint Center for Housing Studies, released its annual "State of the Nation's Housing" report on Monday with results that are not hopeful. The report acknowledges that the housing slump is still chugging along, and the Center's director Nicolas P. Retsinas says this one will likely take longer to bounce back than other downturns because of the tight credit market and millions of foreclosures.

How bad is it? When they looked at leading economic indicators like housing starts, new-home sales and existing-home sales, the report concluded the current slowdown rivals the worst since the World War II era.

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