Housing double dip a concern, experts say

Michael Feder

The nationwide housing market may not be out of the woods yet, according to real estate tracking group Radar Logic. “It is our belief that housing prices will decrease in the autumn, perhaps precipitously, and that may cause a second dip in the U.S. economy,” Radar Logic CEO Michael Feder said. Citing a recent report from Moody’s economist Celia Chen, which suggested that a double dip in the residential market had a one-in-four likelihood of occurring before the market recovers in 2012, Feder said that caution is key. “As we begin to see data for the Fall, we expect it will be soft, that volumes and prices will move lower,” Feder said. “If we need consumer confidence to generate the spending needed to revive our economy, housing does not seem to be a likely source.” TRD