A pickup in U.S. home sales has kindled hopes for a housing recovery, but plunging prices, rising unemployment and a new wave of foreclosures are clouding prospects for a quick end to the American real estate debacle.
“We’re not at the bottom and anybody that’s trying to call the bottom right now is crazy,” said Jack McCabe, a real estate consultant based in Deerfield Beach, Florida.
“There’s a huge foreclosure wave still ahead in the next 12-18 months and still a lot of excess inventory,” he added.
Housing is at the heart of the 17-month-old U.S. recession and is key to a turnaround in the broader economy.
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