Case Shiller now predicts the US housing market will continue to see price declines into 2013. Case Shiller believes US home prices will be on par with prices in 1Q:11 in 1Q:13.
Case Shiller expects median home prices in the US to fall by an average of 3.1% between March 31, 2011 and March 31, 2012. After that, it expects to see prices increase by 2.7% until 1Q:13.
The reasons for this prediction is the weak job market and expectation for an economic recovery in the US. They point out the percentage of Americans who have jobs reached a 28-year low in July 2011. As a result, they argue despite attractive housing affordability, too few people can take advantage because of tightened lending standards.
With respect to two markets of interest: Miami metro area and the Fort Lauderdale metro area:
Case Shiller forecasts a further 22.8% decline over the next 24 months ending in March 30, 2013 in the Miami metro area(this is after prices fell 54% from the peak).
Case Shiller forecasts another 18.9% decline in home prices in the Fort Lauderdale area over the next 24 months ending in March 30, 2013.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Also, text me your name and e-mail address if you would like home search capabilities.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
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