Investment and Vacation Real Estate - Orlando, Florida

September 10th, 2009 1:37 PM

Home prices in the US could fall by another 25 percent because of high unemployment and another leg down will come for stocks, banking analyst Meredith Whitney told CNBC Thursday.

"No bank underwrote a loan with 10 percent unemployment on the horizon," Whitney said. "I think there is no doubt that home prices will go down dramatically from here, it's just a question of when."

Local governments and states are chronically under-funded and "most states are under water," adding to the problem of low private consumption, she said.

A lot of themes are constant, which is the US consumer and the small business doesn't have any credit, credit is still contracting," Whitney said.

Consumer debt and consumer credit have dropped according to the latest figures which also show that people have been spending more from their debit cards than from their credit cards.

"Obviously that doesn't bode well for spending," Whitney said. complete story

Source: CNBC.com

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Posted by Real Estate - Associates on September 10th, 2009 1:37 PMPost a Comment (0)

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