Getting your player ready...
PHILADELPHIA — Although the situation is open to interpretation as well as change, there are growing concerns that the effects of this economic downturn could have a long-lasting effect on the housing market.
A study by the Mortgage Bankers Association, conducted by Kentucky economics professor Joe Peek, concludes that “the current financial crisis and recession exceeded the devastation created by other post-World War II recessions.”
When it comes to housing, he said, it was unlikely that the dramatic rise in loan delinquencies, foreclosures and bankruptcies would show a “meaningful” decrease in the foreseeable future.
“High unemployment and low house prices are widely projected to remain for an extended period,” Peek said.
