Are housing prices close to bottoming out? According to this article in the New York Times, no. The reporter attended a foreclosure auction and found homes selling for a fraction of their former price. Some economists are predicting the foreclosure rate to keep rising and credit for mortgages to continue to dry up. Despite this, others are saying the price is close to stabilizing. They point to home values, rental costs and incomes to determine homes are only overvalued by 10 percent.
Credit: New York Times