Industry NewsMarkets & Economy

Unemployment to weigh on housing

Fitch warns of 'severe recesssion'
Published on Dec 11, 2008

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by CareyBot

The U.S. is entering a "severe recession" driven by contraction in credit and a financial crisis with few historical parallels, making it difficult to forecast its length and severity, analysts at Fitch Ratings say.

The worsening outlook for unemployment means home prices may fall harder and take longer to bottom than previously anticipated, Fitch analysts said.

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