Moody’s says double-dip likely

A housing recovery already? No way, say some economists. Moody’s economists say that the likelihood of a double-dip in the nationwide housing market is “uncomfortably high,” according to DSNews. The tracking firm is decidedly pessimistic about the nationwide housing market, and Celia Chen, a senior director with Moody’s, said that overall economic conditions spell bad news for a housing comeback. “We have downgraded the near-term housing outlook based on the lingering weakness in the demand for homes, the expectation that job creation will remain soft this year, and the slow speed at which the mortgage industry is working through distressed mortgages,” Chen said. [DSNews]

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