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Housing price declines remain the greatest challenge to financial markets and could prompt a deep recession, according to Pimco's Bill Gross.

"Home prices which have fallen by 10% over the past 12 months and are set for a repeat by this time in 2009. Lower Fed Funds? They would, in Pimco's opinion, likely do more damage than...

Sales of new single family houses dropped again in November according to a joint report issued Friday by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

Only in the West region were sales up from the previous month and then by a...

Secretary of The Treasury Henry M. Paulson, Jr., is in danger of becoming a household name in the midst of the sharp housing downturn.

"The housing decline is still unfolding," the Secretary said, "and I view it as the most significant current risk to our economy. The longer housing prices remain stagnant or fall, the greater the penalty to our future economic growth.

"So," the Secretary asked, "where do we go from here and what is the proper role for government?"

Probably the big news in the December 2006 Economic Outlook published by Freddie Mac's Office of the Chief Economist last Friday was that the office has finally changed its interest rate projection for the year.

The main thrust of the December Outlook, however, was answering two questions: "What will a housing recovery look like?" and "when will it arrive?"