Housing Rebound Unlikely Before 2009

A recovery in the U.S. housing market from the worst slump since the Depression is unlikely until "well into 2009," Housing and Urban Development Secretary Steve Preston said today.

"I think we're right in the middle of it, and I think we have a ways to go before we start seeing a turnaround," Preston said today in an interview at the agency's Washington headquarters. "We'll be well into 2009 before we see some real energy in this market."