(1888PressRelease)
January 07, 2009 - Asian-based asset management firm, Asia Pacific Group, believe that the latest figures showing that the prices of existing homes in the US suffered another steep fall in November is are clear proof that the slump in the housing market still has much longer to run.
Sources close to Asia Pacific Group said 13% decline in the median resale price was surprising given the widely held expectation among commentators that the worst of the price falls had passed.
Asia Pacific Group reportedly suggested that the price falls would further undermine consumer confidence in the coming months as many Americans tap the value of their homes to fund profligate spending. The housing slump is generally acknowledged as being at the epicenter of the wider economic malaise which has spread from an ostensibly small segment of the mortgage market, sub-prime, to markets and economies around the world.
One of the unnamed Asia Pacific Group sources said that the US economy could not begin to recover in any meaningful way until the housing market had bottomed.
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