Credit Suisse Sees More Weakness in Housing Market

The nasty fall in housing prices could continue into the summer, if forecasts from an investment bank are accurate. According to Credit Suisse's Daniel Oppenheim, who surveyed 1,200 real estate agents across the nation, “Our monthly survey of real estate agents indicated a decline in buyer traffic in March, as buyers chose to wait for more signs of balance in the market.” He continued, “We would expect additional weakness in pricing, as sellers will likely attempt to use price to sell their homes as the end of the traditional spring season nears.” A CNBC report notes that "It's a vicious self-fulfilling cycle as buyers continue to wait for what they deem to be a bottom, in turn, forcing sellers to lower prices even further. Prices of single family homes fell 3.1 percent year-over-year in January to just above the April 2009 low, according to the S&P/Case-Shiller Index data released last week."
Posted In: Analyst ColorEconomicsAnalyst Ratings