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Homeowners in the United States face further erosion in house prices this year on top of already sizeable losses, Fitch Ratings has warned.
US home prices will fall 12.5 per cent in 2009 before exhibiting some stability in late 2010, Fitch said, compared to its October 2008 forecast of 10 per cent, The United States’ Real Estate Channel reported today.
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To date, US home prices have already declined by 27 per cent.
Fitch group managing director and head of RMBS Huxley Somerville said the revision came off the back of extremely weak economic factors in the final quarter of 2008.
"Very weak employment, limited re-financing opportunities and turbulent financial markets have extended into the first months of 2009, while government initiated programs have yet to yield any positive benefits," he said.
