Pimco's Bill Gross on Housing Investment Outlook
Home Defaults Outpace Recovery as Banks Try to Help
[Bloomberg]
Glut of homes for sale delaying onset of recovery
[SJ Mercury News]
More than 800,000 vacant homes for sale stand between the housing recession and the bottom. And that glut is driving down home prices, slowing sales and turning consumer psychology against the market.
New figures out Tuesday showed home prices fell by a record 15.8 percent in May from a year ago, with none of the 20 cities surveyed registering a price gain. The Standard & Poor's/Case-Shiller Home Price Index is down more than 18 percent from its peak in July 2006.
