March 23 (Bloomberg) -- Michael Feroli, is the chief U.S. economist at JPMorgan Securities LLC, and is one of the most accurate US economic forecasters. He has earned a "Bloomberg's Best" rating.
He talks about the grim outlook for the U.S. housing market. Purchases of new U.S. homes unexpectedly declined in February to the slowest pace on record and prices dropped to the lowest level since December 2003.
Home prices are expected to decline until mid-year 2012.
Feroli speaks with Mark Crumpton on Bloomberg Television's "Bottom Line."
Rightardia agrees with Feroli. Florida is a good example of what he is talking about with nearly one in five homes vacant.
Another government incentive for new home buyers is needed, something the stingy and stinky 212th Congress is unlikely to approve.
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