Fitch Ratings (A competitor of Moody’s and Standard and Poor’s) just released an analysis of subrime loans. Buried in the press release is this nugget:
“The projected losses also reflect an assumption that from the first quarter of 2009, home prices will fall an additional 12.5% nationally and 36% in California, with home prices not exhibiting stability until the second half of 2010.”
Ouch. We are nowhere near the bottom.
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