JPMorgan Chase & Co. executives anticipate the real estate market to keep falling, with prices dropping as much as 9 percent in 2008.
The New York-based bank's chief executive Jamie Dimon told analysts in a conference call today that he did not see signs of stabilization of the company's loss and delinquency in its home equity portfolio.
Home prices we expect to still go down, Dimon said. Real estate is getting worse, he also said.
In response to a question about the state of prime mortgages, Dimon said: They're getting worse.
Chief financial officer Michael J. Cavanah also expects to see worsening prices.
We expect they'll go down another, 7%, 8%, 9% in '08, he said.