Another day, another prediction on where home prices are going

Opened my Sacramento Bee this morning and saw this headline in the business section: "Sacramento area home prices expected to decline further before 2012 turnaround." Yesterday if you recall I mentioned a recent survey that saw a bottoming out of home prices in 2011. That article was at the national level so it's useful to see a region-specific forecast. Let's hope they are right that we are getting towards end of this real estate crash
You can find the Bee article here: http://tinyurl.com/44njdg2
all4now

Home prices will hit bottom this year, according to new poll

Some interesting news from MacroMarkets, which recently released a survey of 100 economists, real estate experts and investment strategists on where they thought the residential real estate market is going. The result: More than half of the  econ experts surveyed say they expect national home prices to hit bottom in 2011 and remain stable through 2015. This comes on the heels of a prediction at last month’s Pacific Cost Builders that a housing recovery would remain elusive until 2013 or beyond. And, almost two-thirds of those surveyed see the U.S. residential real estate market at an historic turning point, according to Robert Shiller, the co-founder and chief economist at MacroMarkets. Unfortunately no breakdown was provided on the expected home price changes in the next few years by region. As many of you know, the greater Sacramento region has been hit hard by the real estate crash. It would certainly be welcomed news for homeowners.

all4now