High rates of mortgage foreclosures and falling housing prices mean that the housing industry...

|By:, SA News Editor

High rates of mortgage foreclosures and falling housing prices mean that the housing industry likely won’t improve until 2012, Illinois Tool Works (ITW -0.1%) CEO David Speer predicts. A recovered housing industry, he says, will be able to accommodate 1.4M-1.5M new units a year - this year's pace is only 550,000-600,000 units.