March 13, 07 cnnmoney.com cites the following:
Subprime lenders are already getting crushed -the impact rising mortgage delinquencies will have on home prices overall is still an open question. At a minimum, it means financing is drying up financing is or those with less-than-perfect credit and that spells fewer home buyers. And foreclosed properties will add supply to a housing market that already has too much.
. "[National] inventory is 20 percent higher than last year, vacancy rates have soared and prices are down about 3 percent," I don't see how prices don't fall another 5, 6 or 7 percent."
The tightening of credit could take as many as one million buyers out of the market, says Baker, citing Bear Stearns research. "Even if you cut that in half, say to 400,000 or 500,000, that's huge."
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