IMF says no end in sight for US housing bust

The International Monetary Fund has warned that there’s no end in sight to the U.S. housing market’s woes and that it and the credit crunch have sent the country into a prolonged economic downturn. “At the moment, a bottom for the housing market is not visible,” the IMF said in its Global Financial Stability Report. The IMF predicted in April that the mortgage crisis would cause about $1 trillion in losses.