Housing Slump Forecast to Exceed past Depression
Tuesday, April 29th, 2008
One of America’s leading economists who have predicted the events of today way before they were entering their critical levels, Robert Shiller releases his view and forecast of the current housing market crisis. The figures the Yale economist sees in Standard & Poors-Shiller home price index shows that the levels are so low they might even surpass levels of the great depression of the 1930’s. Many fail to accept his views as they try to maintain a positive outlook for the housing industry, but the figures don’t lie. He also says that the only way the government can avert a catastrophe is if the Federal bank releases billions in bail-out packages so the millions of Americans facing foreclosure can get to keep their homes. His analysis places the industry at a position where the figures have no where else to go but down further quelling hopes that the industry would be bouncing back soon.