Housing prices may fall 25% to 30% off their peak
By the time the mortgage crisis is over nationwide, home prices may be 25 percent to 30 percent off their peak, potentially wiping out the value of the home equity of the average mortgage-holder, according to the projections by the UCLA Anderson Forecast.
The ailing housing market, a tight lending environment and rising prices at the gas station and supermarket will result in a sluggish economy for at least 18 more months, according to the forecast being released today.
“The economic outlook through the end of 2009 is decidedly subprime,” said David Shulman, a senior economist at the forecast.
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