Spring is typically a robust time for the housing market, but this year, it will feel more like “arctic winter,” one economist told Mark Haines on “Morning Call.”
“This is going to be the worst housing recession in the last 50 years,” said Nouriel Roubini, chairman of RGE Monitor and professor at NYU Stern School of Business, adding that there is no bottom to the housing market. “If you buy today, you’re going to have a massive capital loss over the next two years. Home prices are going to fall by about 20% in the next two years. It’s a lousy time to buy.”
But while most analysts agree the spring selling season will not be as strong as in the past, analysts differ on whether this is a good time to buy.