By slowing mortgage foreclosures and giving a first-time home buyer tax credit, the U.S. government has driven up home prices by 5 percent, investment bank Goldman Sachs said Friday in a market report.
Goldman believes these supports won’t keep home prices up forever. “The risk of renewed home-price declines remains significant,” wrote Goldman economist Alec Phillips, “and our working assumption is a further 5 percent to 10 percent decline by mid-2010.”
Source: The Wall Street Journal, James R. Hagerty (10/24/2009)
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