Housing prices will drop by a further 20 percent as the downturn gripping the United States deepens, leading economist Gary Shilling says.
Writing in the Christian Science Monitor, Shilling said more and more people are looking to rent as homeownership becomes increasingly rare. “Housing activity remains depressed, with the only life coming from the multifamily component, which is being driven by the zeal for rental apartments as homeownership falls,” he wrote.
