White House: Housing market to keep slowing

The White House suggested on Monday that the housing market will continue to slow this year. “A gradual slowing of homebuilding appears more likely than a sharp drop because the elevated level of house prices will sustain homebuilding as a profitable enterprise for some time,” according to President Bush’s annual economic report to Congress. A key economic adviser to the president also said that growth in home prices this year will also slow. more [YahooNews]