Housing Outlook Grim, As Downturn Called “Worst in a Generation”

"The nation is in the throes of a housing downturn that researchers at Harvard University’s Joint Center for Housing Studies said Monday morning was “shaping up to be the worst in a generation.” While the falloff in housing starts, new home sales, and existing home sales already rivals the worst downturns in the post World War II era, the study found that home price declines and mortgage defaults are the worst on records that date back to the 1960s and 1970s."