Monday, September 25, 2006

Nouriel goes out on a limb

Nouriel Roubini, an econ professor at NYU, talks to New York Magazine about the housing market:

Will there be a fire sale in the city?

I’d expect prices to be 5 to 10 percent lower a year from now, on average. On the national level, real home prices may fall 20 to 30 percent.

Good news for affordable-housing advocates.