She said that on her last appearance on Squawk Box sometime last week. The rationale is that with so many foreclosure sales, overall prices will continue to be depressed until the inventory is worked off. If you are looking to buy, why pay the full asking price on a resale if you can get a decent foreclosure for 60 cents on the dollar?
25% may be optimistic ;-) Between commercial coming down hard, the reset wave of prime loans and unemployment in real terms around 19%, yeah, house prices are headed down...
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