| Excitement over the emergence of a housing market recovery has led to initial exuberance, at least when it comes to media reports and the rapidly rising stock prices of homebuilders. Market participants should take a more cautious approach and acknowledge that the 2006-2007 state of the housing market was unsustainable, Case-Shiller index chairman David Blitzer says, adding “we aren’t going back there for a long time, maybe never.”
Blitzer noted that a big foreclosure backlog and an elevated number of underwater mortgages still plague the residential real estate market, which will slowly continue to crawl back to normality over the next few years...............................................Full Article: Source
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