“Nineteen out of 30 markets in Zillow’s monthly report are expected to hit a bottom” ~ that includes heavily Republican suburbs.
They wish. I’m in one of those markets, not so sure “bottom” is here yet. As long as the job market is so bad here, how can home prices be at bottom?
Housing prices nationally have dropped 30% in the last three years. What makes them think they’ll bottom out this year?
With the fed devaluing our currency every year, where is the bottom for the dollar? Think of how well your parents or grandparents lived on $10,000 earned by one bread-winner. We’ve been robbed by our greedy, selfish government, which is much more rapacious than “evil” Wall St.
Hitting the bottom this year just means the markets will be soonest to improve.
Looks like a mix of areas that did relatively well through the downturn—e.g., Boston, NYC—and those that took a beating—e.g., Phoenix, Las Vegas.
If they go any lower you might just as well set the house out beside the curb with a sign that says take it.
Oh wait, a bunch of people already did that.
Below are the 19 metropolitan areas where Zillow expects Housing prices will hit bottom in 2012:
After Obama is reelected, New bottoms reached in 2013, 2014, 2015, 2016! Bank on it! Also expect at least a few Major Corporations to relocate to other, more business friendly countries. Also the complete death of the Dollar as iot loses its’ reserve currancy designation. Along with more and more destrruction too awful to think about!
they will hit bottom in 2012 and than a new bottom in 2013
The Real Estate debacle is part of 0bama’s “Redistribution of Wealth” scheme. Things should begin to improve if we can remove the kenyan.
sometimes those bottoms have a trap door
Forecasting a bottom is a political exercise in this instance. It won’t be known until it’s hindsight.
My southern, midsized, manufacturing dominated metro appears to be reviving from the dead of late. Never was a bubble here except for lakefront and downtown condos, building ground to an absolute halt until recently, there are new homes being built again, nothing on the scale of 2007 and prior though.
Existing homes are starting to sell, foreclosures with overgrown lawns have been spiffed up and put on the market by the banks. More sold signs than new for sale signs are popping up. Traffic is up on my morning and evening commute.
Maybe it’s the beginning of a turnaroud, finally. The cynic in me says it’s just the return of no doc financing, and we’ll be right back to square one in a year or two.
I don’t know. Time will tell as always.
“Bottom” in the Dallas market means about 10% off the peak.
I’m told by people in the industry that Zillow is not the most reliable real estate valuation site out there, and I believe it — it says my house lost over $16,000 in the last 30 days and there’s *no way* that would have happened.