Housing Market: Even More Pain in Store?

Like a carnival free-fall ride that stops suddenly, teasing riders into a false sense of safety before plummeting the rest of the way to the ground, some economists say the housing market could once again be headed for a plunge after slowly clawing back some of its 2008 losses.

A trio of gathering government storm clouds will be responsible for the drop that some predict could mean another 10% to 15% slump in prices, they say.

“Here it is three years after the peak and it’s still all about housing,” said David Rosenberg, an economist at Gluskin Sheff & Associates in Toronto. “The outlook for the market is extremely clouded.”

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