“Right now I think it takes a brave soul to buy a home because there’s so much chatter about housing prices dropping,” Toll said
The government-led initiative may “reduce the severity of the decline,” said Robert Shiller, chief economist at MacroMarkets LLC and a professor at Yale University in New Haven, Connecticut. Still, “if past cycles are a guide, we could have weak or declining markets for five to 10 years,” Shiller said.
It’ll be the biggest housing recession we’ve known,” said Allen Sinai, chief global economist at New York-based Decision Economics Inc. “Even if we figure this part of it out, we are not through it.”
“At best, it may stop some of the hemorrhaging of the housing market, but it doesn’t necessarily turn things around,” said Nicolas Retsinas, director of Harvard University’s Joint Center for Housing Studies in Cambridge, Massachusetts. “The fundamental problem with housing is oversupply
