Report: US housing slump a prelude to recession

Jun 23 03:03 PM US/Eastern
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NEW YORK (AP) - A bottom to the housing slump is nowhere in sight and, if history is any guide, a recession is mostly likely lurking around the corner, an academic study showed Monday.
Harvard University's Joint Center for Housing Studies painted a bleak picture of the current housing downturn, pegging it as possibly being "the worst in a generation" in its "The State of the Nation's Housing 2008" report.

The study noted that housing starts, new home sales and existing home sales are at all-time lows since after World War II, while home price declines and mortgage defaults are the worst on record.

"We've never has so much information or data in uncharted water," said Eric Belsky, the Joint Center's executive director. "A recovery is not anywhere near in sight."

A recession followed six of the last seven housing downturns, he noted, usually within two years. However, after the recession ended, housing starts typically rebounded strongly after inventory fell and new home sales picked up.

The report and its authors didn't give a timeframe for a housing turnaround, but expect immigration growth to be a key factor in rejuvenating the market.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed

http://www.breitbart.com/article.php?id=D9...;show_article=1

it is already catastrophic...and not around the corner

The house my grandparents lived when they were first married is up for sale. My cousion briefly owned it. I toured it. It's so wonderful. If only I could I'd help my cousion out and buy it right away....even though its a 4 hr trip away. I'd like to keep something with lots of family history in the family....this house is probably 200 years old or older, a fireplace in every room. I would rather a stranger buy it and take care of it then let it sit empty and be allowed to decay because no one will buy a house...such a shame! Everything but the carpet and kitchenette is orginal...

Here are some photos of it:



one of the ornate fireplaces:



Another one near the back enterance: