David Bruce

September 18th, 2009

Experts See Housing Bottom by 2010!

Reuters polled 41 economists on housing and found….

13 economists said the market bottom has already been reached; 27 said the bottom would be hit within a year. Just one said it would take up to two years.

The closely watched Standard & Poor’s/Case-Shiller 20 city-index will drop by 14 percent this year before climbing 2 percent next year, based on the median forecast.

House prices will fall before stabilizing to 33 percent from the peak in mid-2006, based on the median forecast.

29 of 39 economists said a housing price rebound is not needed to end to the economic slide.

When asked to rate average home prices on a scale of 1 to 10, with 1 being extremely undervalued and 10 being extremely overvalued, the median forecast was 4. In prior Reuters housing polls, prices were deemed slightly overvalued with a 6 reading.

Read complete Reuters article here!

Contact Skye Bruce Properties for the latest market data for Richmond, Virginia real estate.

www.SkyeBruce.com

This entry was posted on Friday, September 18th, 2009 at 11:08 pm and is filed under Real Estate News and Statistics. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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