Housing Market Has Peaked, Mozilo Says

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The U.S. housing market appears to have peaked and some regions may see a “substantial reduction” in condominium values, Countrywide Financial Corp. Chief Executive Angelo Mozilo said in an interview with Bloomberg News.


“I have been doing this for 53 years and it seems we’re at a level where we’re topping out,” Mozilo said during the interview while on break from the Business Council meetings in Kiawah, S.C.


Mozilo said that in areas of “high speculation,” like in some counties of Florida and in Las Vegas, the condo market could experience a 20 percent reduction in prices.


The same can’t be said for the single-family home market, said Mozilo, because the economy is strong and there isn’t a problem with high unemployment, like existed in previous housing bubbles that burst.


“I see a leveling off for a protracted period of time in values where we have had high inflation,” said Mozilo. “I don’t see any substantial discount.”

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