Fiserv estimating the national average homes to fall 11.3% by June of next year. Though they see a decline in the average national home prices they also predict gains in some parts of the country. Much of this is based on foreclosure activity that will affect the appraised values of nearby homes.
For more information see CNN story that came out today.
http://money.cnn.com/2009/10/20/real_estate/home_price_forecast/index.htm?postversion=2009102011
Anyone want to bet that the last 6 months of 2010 will also see double digit decline in value?
I know that some areas home values seem to be going up. I hope that this trend doesn't become reality.
We have already experienced a 30% decline over the last two years. Everyone here is hoping that we've achieved a "bottom". An additional 11% decline in the coming months would be devastating.
John,
I wouldn't want to take the bet. I hope that it is not true though.
Theodora & Tom
I am with you. We have seen enough declines. The greatest concern is the adverse effect of more foreclosures on home values.
Can I just close my eyes and bury my head in the sand and take a nap? Someone wake me up when this is over!
;)
No, I think this means we have to go out and kick butt because nothing can stop us. Lots of people out there still look for homes and someone has to sell them and buy them.
John, I would take that bet in a heatbeat. Sorry gang, I don't think we've seen the bottom yet. While the sub-prime mess is behind us, we now have a massive influx of 5/1 ARMs resetting in 2010 and 2011. Let the forclosures begin.
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