It’s Friday, and between the writedowns this week and slumping home starts, some people are feeling pretty bearish. None more than PNC Financial Services Group Inc Chief Executive James Rohr though. In remarks yesterday:
Rohr said the U.S. housing market is in its worst slump on record.
Rohr spoke on a conference call after the Pittsburgh-based bank, which operates mainly in eight mid-Atlantic and Midwest states and Washington, D.C., said soured real estate loans led to a larger-than-expected 18 percent decline in first-quarter profit.
"We are in the worst housing market in the recorded history of the United States," Rohr said
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