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Home prices in 'free fall' locally

People waiting for the housing market to recover need to hold on a little while longer, speakers at the Ventura County Real Estate and Economic Outlook conference said Thursday. Mark Schniepp, director of the California Economic Forecast, predicted county home prices would stabilize in 2009 as sales strengthen, but it is expected to take until 2010 before prices start to rise.

The drastic decline in prices and surge in foreclosures could mean the recovery will be equally quick, not dragging on as it did in the 1990s, he said. (16 comments)   |  Full story »

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Friday, Sept. 5, 2008
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