Moderation in the monthly declines in home prices as measured by the S&P/Case-Shiller indices is being greeted by some as an indication that some stabilization may be returning to the market, but housing isn’t likely out of the woods just yet.
Peter Schiff of Euro Pacific Capital, one of the more pessimistic analysts, says that prices won’t stabilize until they reach 2000 levels. “After all, if major stock market indexes in the U.S are still at or below 2000 levels, why should real estate be any different?” he says.
