HUD Secretary says prices are at the bottom

U.S. Department of Housing and Urban Development Secretary Shaun Donovan says, “it’s very unlikely that we will see a significant further decline” in housing prices. Donovan was quoted in an appearance on CNN. “The real question is when will we start to see sustainable increases. Some think it will be as early as the end of this summer or this fall.’

According to Donovan, home sales have increased in six out of the past nine months and the number of property owners in default is declining. “Housing prices will begin rising as the number of foreclosures declines. In the long run, it’s a good time to buy. It’s so affordable today compared to where it’s been for generations.”

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