Economists: Housing Market Decline is Not Over

The housing market crashed to the ground last year, and it will dig in deeper before a recovery begins this year, two prominent economists say.

"Even if we don't have a recession, we are going to have a bumpy ride for a while," said Dana Johnson, chief economist for Dallas-based Comerica Bank. "If you can get through one more challenging year, there will be light at the end of the tunnel."

David Seiders, chief economist at the National Association of Home Builders, said the housing market would eventually hit bottom this summer before things start getting better.

Seiders and Johnson addressed local builders at the Building Industry Association of Southeastern Michigan's annual economic forecast and trade show in Sterling Heights, Mich.

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