Moody's: Housing Prices to Fall Until Mid-2011
Housing prices will likely decline through the middle of 2011, Moody’s Analytics reported Tuesday, because of the rising number of bank-owned homes. Moody’s believes bank-owned homes will peak in 2011 at 971,000, up 16 percent compared to 2010.

“The housing market is having a tough time shaking off its malaise, and a true recovery in another six to 12 months away,” the report said.

Moody’s says the worst declines are likely to happen in cities with the largest number of REOs like Las Vegas, Fort Lauderdale, Fla., and Riverside, Calif.

Source: Associated Press (11/23/2010)