Panel: Little optimism for 2009

Feds could make things worse, some worry

NEW YORK — The ongoing credit crunch and misfiring economy leave little reason to expect a dramatic turnaround in housing in 2009 — regardless of steps the government is expected to take to head off a depression, a panel of industry experts said Wednesday during a "Bulls vs. Bears" session at the Inman Real Estate Connect conference.

Home prices remain unaffordable in many markets, and with unemployment headed up, it’s not realistic to expect lower interest rates on conforming loans will be enough to boost home sales.