Home prices seen falling further before rebound, from
MSNBC.com, reports that according to economists, homebuilders and analysts, home prices will have to fall further in many markets before the housing market turns around. Some analysts say the price declines to date have been muted because sellers who can't find a buyer at the price they want have taken their homes off the market and decided to wait, hoping that prices will recover. "Even though prices are falling in a lot of places, and even in the markets where they are falling, we're still dealing with the seller denial issue," said Joel Naroff, President of Naroff Economic Advisors. "Either they don't think they have to drop their price or they don't think that they have to drop their price nearly as much as they really do to clear the market." That's what needs to happen here before the market returns to balance.