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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.
