Experts say worst of housing crisis to come

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Industry experts say the woes in the housing market have yet to bottom out, with prices and inventory expected to continue their decline. Robert Sheridan, CEO of Chicago-based developer Robert Sheridan & Partners, says a readjustment of prices will make single-family homes to plummet 10 to 20 percent and condominiums to tumble 20 to 40 percent over the next few years. About 4.45 million existing homes are on the market, compared to roughly 2.5 million in the late 1990s. Foreclosure filings increased 94 percent in October from the same period last year. more

 

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