Housing woes may topple 200 U.S. banks: Nobel winner

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The moribund U.S. housing market will need another 2 to 3 years before it recovers, and 100 to 200 banks in the country may collapse in the next year, a Nobel economics laureate said. Michael Spence said an oversupply of houses and weak demand from consumers combined with turbulent financial markets and high inflation will drag on the U.S. housing market, which is in its worst slump since the Great Depression.

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