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Deutsche Banks’ Weaver says housing market has not hit bottom yet

Dennis Norman
Dennis Norman

Before the sub-prime mortgage implosion Karen Weaver warned of the coming crisis. Karen Weaver, the Global Head of Securitization Research for Deutsche Bank, said last month that she expected home prices to continue to drop through the 1st quarter of 2011. She also predicted that nearly half of the homeowners with mortgages would end up being underwater on their mortgages.

Yesterday Ms. Weaver said that in spite of the recent positive news on the housing market that she had not changed her position and is still predicting home prices to fall another 10 percent before finally reaching bottom. Ms. Weaver said “serious delinquencies are still rising rapidly in mortgages, unemployment reached a new cycle high, inventory in most parts of the country is elevated and in some areas affordability is backtracking.”

Below is a video of an interview with Mr. Weaver from last month. I apologize for the brief commercial before the interview.

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