Housing slump might usher in recession

The head of one of the nation’s largest homebuilders made headlines early this year by bucking his industry peers’ projections of a housing turnaround by spring and instead predicting the market would “suck, all 12 months of the calendar year.”

Boy did he get it right. The housing market has gone from a “correction” to a “slump,” and as 2007 comes to a close, there are signs 2008 will get worse.

Experts are predicting an uglier year as inventories of unsold homes grow and a large number of adjustable-rate mortgages reset, sending more homeowners scrambling to make higher payments and pressuring the already shaky credit markets. What worries industry watchers the most, however, is the possibility that the housing troubles will plunge the economy into a recession.

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source: msn.com