About S&P's track record.....

So let's get this straight an NRC who failed during the bubble years to even account for the possibility of a national home price decline, now forecasts one three years later and we should care why? http://www.housingwire.com/2010/11/15/sp-predicts-more-home-price-declines-through-2011 Standard & Poor's analysts believe home prices will drop between 7% and 10% through 2011, erasing any... [more]

So let's get this straight an NRC who failed during the bubble years to even account for the possibility of a national home price decline, now forecasts one three years later and we should care why? http://www.housingwire.com/2010/11/15/sp-predicts-more-home-price-declines-through-2011 Standard & Poor's analysts believe home prices will drop between 7% and 10% through 2011, erasing any improvements prices have recently made. Home sales, which plummeted after the homebuyer tax credit expired in April have continued to lag. Pending home sales, which preclude existing home sale data, dipped 1.8% in September before the market goes into a winter many expect to be bleaker than usual. With this lack of demand, inventories should grow, according to S&P, while prices drop. "Low mortgage rates will likely continue to encourage refinancing, but their influence on home buying activities has been limited due to the weak housing market and a lack of demand," S&P credit analyst Erkan Erturk said. [less]