Moody’s Investors Service has thrown cold water on optimistic projections of a V-shaped recovery in the battered U.S. housing market, predicting it could take more than 10 years to get back to boom-level prices, according to MarketWatch.com.
“For many reasons, the rebound will be disproportionately small compared to the decline,” Moody’s said last week in its latest outlook on the residential market. “It will take more than a decade to completely recover from the 40% peak-to-trough decline in national home prices.”
What’s depressing is that Moody’s – which helped get us into a recession by incorrectly (and self-servingly) grading mortgage-backed securities – has been wrong all along.
The company is wrong again. Continue reading
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