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Economist Joel Naroff: Housing Index indicates slump will last "an awful long time"

Joel Naroff, president of Naroff Economic Advisors and chief economist with Commerce Bank, tells Nancy Lyons that the latest S&P/Case Shiller Index showing a 14 percent yearly drop in home prices is a sign that the housing downturn will run "an awful long time." He says it's an extraordinarily large decline - the largest he's ever seen. He predicts the housing slump will last through this year and maybe through the first half of next year. He says the increase in foreclosures is putting downward pressure on prices. He also says buyers are beginning to believe there's still a long way to go before the bottom is hit, so they're holding back on making offers on homes.