Saturday, October 10, 2009

US house prices could still fall by 10%, says Roubini

US house prices could still fall by 10%, says pundit who foresaw credit crunch

Economist Nouriel Roubini also warns bank losses on home mortgages likely to be repeated with business premises
Nouriel Roubini, the high-profile US economist who foresaw the credit crunch, warned today that house prices could fall by another 10%, underlining the fragility of America's nascent economic recovery.

Property prices in the US have already dropped by almost a third from their peak, as the crisis spread from lower-paid sub-prime borrowers to engulf the entire housing market. But Roubini said there could still be worse to come – and added that banks' heavy losses on home mortgages are likely to be repeated in the sliding market for business premises.
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