Economists expect home prices to rise by a total 2.3 percent during 2012, and overall have become more bullish on home prices than they were in the second quarter, according to the September 2012 Zillow Home Price Expectations Survey, compiled from 113 responses from a diverse group of economists, real estate experts, and investment and market strategists.Â
The survey is based on the projected path of the S&P/Case-ShillerÂ® U.S. National Home Price Index during the coming five years.
Survey respondents revised their forecasts for 2013-2016, predicting steadily increasing home values in each year.
"This is further evidence that we're seeing a true recovery in the housing market," said Zillow Chief Economist Dr. Stan Humphries. "Not since mid-2010 â€“ in the midst of the homebuyer tax credits â€“ have we seen this group so bullish on housing. It's refreshing to see this optimism at a time when the market seems to be making an organic recovery, in the absence of an artificial stimulant like the tax credits."
The most optimistic quartile of panelists predicts a 4.4 percent increase in 2012, on average, while the most pessimistic predict an average increase of 0.3 percent.Â ____________________
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