Citigroup: US-British house prices fell to two years

British Broadcasting Corporation quoted local time on the 19th chairman of the U.S. Citigroup-Bischof said, the United Kingdom and the United States this year and next year is likely to housing prices continued to decline.
Bischof said he expects the housing market need to achieve stability for two years, the credit crunch could last to 2009, and next year will be a very difficult year.

Citigroup is the world's largest financial services company. U.S. secondary mortgage crisis, and other factors, by the end of June at the end of this year's second quarter, Citigroup loss of 2.5 billion U.S. dollars, the third consecutive quarterly loss, accumulated losses were as high as 17 billion U.S. dollars. Bischof said that Citigroup will eliminate redundant.

According to the U.S. house prices reflects an important indicator of the trend of the S & P / Schiller Price Index, in April the United States this year 20 major cities in house prices fell by 15.3 percent from a year earlier, or a record. June, the U.S. buyers because of inability to lose their housing loan redemption rights cases soared over the same period last 53 percent. This year the United States lost the right to housing case redemption is expected to reach 2500000, far higher than last year's 1.5 million. (-)