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Four Housing Market Myths
After several years of housing depreciation, the one thing that seems to be on everyone’s mind is, “when will this housing recession end?” and “when will my house start gaining value again?” This eagerness by homeowners to get the housing market back on track has spawned several misconceptions about the housing market.To help homeowners set reasonable expectations for the housing market in the coming years, Zillow’s Chief Economist, Dr. Stan Humphries presented “Four Myths of the Housing Market” alongside Doug Duncan, chief economist for Fannie Mae and Bob Bach, chief economist for Grubb & Ellis at the recent National Association of Real Estate Editors (NAREE) conference in Austin, TX.Four housing market myths:1. The housing recession is overWhile home sales have reached a bottom, home values have not, and likely will not bottom out until Q3 of 2010. Zillow’s April data shows that nationally, home values fell 4.1% year-over-year, 1.1% quarter-over-quarter and 0.4% month-over-month.2. We’ll see a return to historical appreciation rates after we hit a bottom in pricesNot true. The housing bottom is likely to be long and flat, and it is highly likely that we will not return to historical appreciation rates for another three to five years. There are ... more

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