Maureen Megowan's Blog

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Survey of Economists See End in Sight for Housing Downturn

Zillow announced the results of the December 2011 Zillow Home Price Expectations Survey. Each quarter, an expert panel of more than 100 leading economists shares its views regarding expectations for future home prices in the United States.  Although projecting some price softening in national markets during 2012, the end of the housing recession appears within sight.

This quarter, the consensus among the panel is that U.S. home values will continue to fall until late 2012 or early 2013. After 2013, forecasts call for a relatively steady annual appreciation rate of around three percent through 2016, which is still slightly below appreciation rates experienced during the bubble years.

While the panel agrees the market hasn’t reach bottom yet, the good news is that we appear to be closer to the end of the recession than the beginning.

For additional analysis on the survey results from Zillow Chief Economist Dr. Stan Humphries visit the Zillow Real Estate Research page.

As noted in the market reports I have posted below for the Palos Verdes Peninsula, however, the local markets appear to have stabilized and I believe are primed to begin a slow but steady increase over the next several years.

For more information about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.

Comment balloon 3 commentsMaureen Megowan • December 26 2011 09:15PM

Comments

Hi Maureen - Why does "good news" always have to be tempered with "not so good news"?  Certain parts of the country seem to be on the upswing . . .

Posted by Chris Canfield, Homes for Sale in Oro Valley and Tucson, Arizona (Coldwell Banker Residential Brokerage) almost 7 years ago

I see out area on an upswing also. Zillow rated us here in Destin like #4 with increasing property values. Hope that is the case. Happy New Year!

Posted by Bill Reddington, Destin Florida Real Estate (Re/max Southern Realty) almost 7 years ago

Maureen, We have began to see an upswing in some price points in our markets, and in talking to a builder this October, November and December have been busier than it was at the height of the boom.  Not all builders are able to say that, but one is at least!

Posted by Tony & Darcy Cannon, The C Team (Aubrey and Associates Realty) almost 7 years ago

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