Financial measures needed to avert another crisis

The recession that has enveloped the nation since 2007 may be over, but new measures are still needed to prevent another crisis, a finance and real estate expert said this morning at a Virginia Commonwealth University real estate event at the Willow Oaks Country Club.

"We're still missing the new financial architecture," Susan M. Wachter, a professor at The Wharton School at the University of Pennsylvania, told about 150 VCU students, faculty and alumni.

Wachter said housing prices likely have bottomed out. But foreclosures will continue to rise and come in waves.

She said private equity is needed to unlock the credit markets and more financial standards are needed. She also said the government's injection of capital is unsustainable.