In the past year, home prices fell in eighteen of the twenty largest cities. Many experts think the American housing market will not recover for at least three more years.
FAITH LAPIDUS: Peter Schiff heads Euro Pacific Capital, an investment company. He is among those who believe housing prices have still not reached their low point.
PETER SCHIFF: "There’s so many people that are waiting for real estate prices to recover, talking about 'Oh, the bottom is in, now real estate's gonna start to go back up.' I’m just trying to point out how crazy those assumptions are, because real estate prices are still too high.
"The government has done a lot to try to artificially prop up real estate prices and they’re still doing that. But ultimately prices are going to come down. In fact, they’re probably going to come down even more than otherwise would have been the case had the government simply let the market run its course."
CHRISTOPHER CRUISE: Over the years, government policies also helped many Americans become homeowners. Tax laws, for example, have made owning a home more profitable for many people than renting an apartment. Policies like these have helped raise rates of home ownership from about forty percent in the nineteen forties.
Traditionally, Americans have often had to wait years to save enough money for a down payment. But in recent years lenders often let people finance up to the full value of a home.
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2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25