The smart folks (staff economists) at Wells Fargo Securities have just issued their latest report on the region's housing market, and they say that the price declines we've been seeing will end no sooner than spring 2011. That's based on the assumption that the unemployment AND foreclosure rates will both ebb. Just today RealtyTrac announced that the foreclosure rate in August rose 11 percent over the previous month, but was down slightly from the same time last year.
Here's how the Wells Report said it: "No significant improvement in sales or construction is expected to take place until the spring homebuying season. By then the economy should have put up a a farily lengthy string of modest private-sector job gains, which should bolster confidence and household formations."
