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Economist: Worst May be Yet to Come.
CHICAGO -- The housing downturn is expected to shave about three-fourths of a percentage point off of economic growth during the first half of this year, according to the chief economist of Mesirow Financial here.
Economist Diane Swonk believes that the impact on the economy will be less dramatic in the second half of the year, reducing gross domestic product growth by less than one-quarter of a percent.
Seasonably cold weather in March, traditionally the start of the spring home buying season, slowed homebuying at the start of the normal busy period, she said.
"Separately, recent problems in the subprime mortgage market have raised questions regarding borrowers' ability to obtain credit," she said in a newsletter addressing the fallout from a slowing housing ...
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Source: HighBeam Research, Economist: Worst May be Yet to Come.