No housing bottom until 2010: CP Morgan

[El Pinko]

http://www.reuters.com/article/gc03/idUSN2148460920080221

No housing bottom until '10: CP Morgan
Thu Feb 21, 2008 3:02pm EST

NEW YORK (Reuters) - The chief executive of one of the largest privately owned U.S. home builders said on Thursday he doesn't see the struggling U.S. housing market's weak demand hitting a bottom until the middle of 2010.

"We believe there is another 2-1/2 years of the cycle that still has to play out, until it goes up," Tom Eggleston, head of C.P. Morgan Communities, said at the Reuters Housing Summit in New York.

"We think the bottom will be a prolonged period, and that the recovery would not be a sharp 'V,' but will be a soft recovery," he added.

Eggleston also expects one-half of the National Association of Home Builders' 75,000 members to be in financial distress within three years.