"Home prices in the US are likely to start to stabilize or touch bottom sometime in the first half of 2009," former Federal Reserve chairman Alan Greenspan said Thursday.
"The correction isn't over," the TD Bank analysts said, adding that prices have further to fall, particularly in "cities such as Los Angeles, Las Vegas, and Miami which saw the largest price gains."
"The rising share of foreclosed homes in overall sales bodes negatively for home prices," said Ethan Harris, chief US economist at Lehman Brothers, who sees prices falling between 25 and 30 percnt in the correction phase of a cycle he sees ending in late 2009.
"The light at the end of the tunnel is a faint and distant one. Further, the risks to this outlook weigh heavily on the downside, with the main risk being the potential for financial markets to unravel further," said Celia Chen, director of housing economics at Moody's Economy.com.
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