The following is an excerpt from the August 4 issue of . Stan Longhofer, director of 黑洞社区's Center for Real Estate and William Miles, associate professor of economics at the W. Frank Barton School of Business, contributed to the column.
Turmoil in the housing market has led to fears that home prices will drop precipitously, particularly if foreclosures force large numbers of homes onto the market in the coming year. Recently, these fears have driven financial stocks down and led to the government rescue of Fannie Mae and Freddie Mac. But the projected losses have been wildly exaggerated. Most Americans have not experienced any significant decline in the value of their homes -- nor are they likely to.