Analysts at Morgan Stanley predict a 5% to 8% decline in home prices between the fourth quarter of 2012 and the first quarter of 2013.
And more after that.
This may the year to sell out this year as it’s about to get ugly again IMHO.
Interesting as I am seeing higher prices at Inspections this year.
The bottom (in terms of prices) will be 2012. It’s actually right about now. You heard it here first.
Europe is not fixed.
China is slowing down a lot.
Unemployment is not fixed
Every Fed proper up is less and less effective
We are back to a worldwide contagion because we have refused to deal with over indebtedness.
The can gets heavier with every can kick to prop up this economy.
One side wants more borrowing and the other is not honest about what it would take to fix this mess.
Confirms my assertion.
it’s a great time to buy a home or office for personal use but if you are looking at RE as an investment, that is another story IMO. I see about 15 year of stagnation due to double digit unemployment, property taxes and insurance. In FL, property taxes and insurance is typically 33% of a mortgage payment and is a big reason for many defaults
Home prices in the U.S. edged up 1.1% to an average price of $200,000 in April, while falling a slight 0.1% from year ago levels, Lender Processing Services Inc. said Friday. LPS reached this conclusion in its First Look Home Price Index Report, which reports on the status of home prices in 15,500 different U.S. zip codes. The HPI report from LPS shows prices on all non-distressed transactions.
Prices creeping up and inventory is reducing here!
Sales are crazy here in Southern California. I tried putting an offer on a few places the day they came on the market. They all received multiple cash only, above asking price offers and won’t even look at anything else.
The average home price for non-distressed properties increased 1.7% from April to May, suggesting that a decline in overall inventory is now pushing up prices, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. The average price for a short-sale still slipped 0.7%, while the price on damaged REO properties increased to 1.8% and 1.5% for move-in ready REOs. In its latest HousingPulse Tracking Survey, Campbell Surveys cited declines in home inventory levels as one of the principal reasons for home price stabilization, especially in areas that have experienced large price declines in the past six years.