Freddie Mac CEO: risk for greater home price drop

NEW YORK (Reuters) - Freddie Mac's chief executive Richard Syron said the U.S. housing market has clearly not hit bottom and that the company could revise its estimated home price forecasts to account for even larger losses.

The company has previously estimated a peak-to-trough house price drop of at least 15 percent nationally, but that could be revised once more reports on the spring home selling season are available.

"To date they have fallen about 9 percent for the measure we use which is relevant to our market," he said on a conference call. "It's premature at this point from a data perspective to make a change in our formal peak-to-trough estimate, however at this point we must say that the risk to that forecast are strongly weighted on the downside.

(Reporting by Lynn Adler and Al Yoon; Editing by Theodore d'Afflisio)