Nashua Telegraph (02/27/08); Elphinstone, J.W.
More and more experts are coming to the realization that the housing market may remain in turmoil for a long time to come. The latest Standard & Poor's/Case-Shiller home-price index shows that U.S. home prices decreased 8.9 percent in the fourth quarter of last year compared to a year earlier, reflecting the steepest decline in the index's 20-year history. The Office of Federal Housing Enterprise Oversight's index of residential values, meanwhile, found that prices dipped just 0.3 percent at the end of 2007; however, its readings are based on a narrower population of loans worth $417,000 or less and excludes many properties purchased via riskier types of financing. David Abromowitz, a senior fellow at the Center for American Progress, laments, "The housing value crisis is spreading and deepening. It has gone way beyond subprime borrowers stretched too far with bad loans and now has clearly extended into the housing markets more broadly."
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