Economists Don't Foresee Home Price Appreciation Until After 2013 via DSnews

Home prices in the U.S. are expected to post a decline of 1.57 percent for the fourth quarter of 2011, after falling 0.4 percent through September, according to more than 100 economists and housing experts surveyed by Zillow.

Prices are forecast to decline until the market’s bottom is reached in late 2012 or early 2013. After 2013, the panelists expect a relatively steady annual appreciation rate of roughly 3 percent through 2016, which is slightly below appreciation rates experienced during the pre-bubble years.

“There is a consensus among the nation’s top housing experts that we have not yet reached a bottom and are instead working through a prolonged bottoming process,” commented Dr. Stan Humphries, Zillow’s chief economist.

Read more...Economists Don't Foresee Home Price Appreciation Until After 2013 via DSnews