June 11: Market Risk - Fitch Reports a Disappointing Spring For the US Housing Market
Location: New York
Author:
Date: Wednesday, June 11, 2008
The housing downturn continues to have 'legs', and most of the statistical data reported so far in 2008 are discouraging, according to Fitch Ratings. The spring selling season was a 'bust'. Although it does not appear likely that the year-over-year declines in major metrics such as starts, new home sales, and existing home sales will continue at the current pronounced pace throughout this year, the decreases are likely to be greater than Fitch's prior projections. Perhaps more important, initial projections for 2009 are for further slippage in starts and new home sales.
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