That will answer at least one question with the state of the unemployment less people will qualify for mortgages.
The S&P/Case-Shiller Home Price Indices show that values actually were up 2% for the first half of 2010 (last report is for July), which is different than being down six to twelve percent.
Miami and Tampa were down about a half of a percent in the first half of 2010, again, that's one-twelfth to one-twenty-fourth of what the "indicators" suggested.
New York was up 1.77%, which is also different than being, "down."
It was sad that this question was originally from and appraiser. Part of the problem or part os the solution?
In one development lots that sold for $ 1,149,000 in July 2006 are now on market UNSOLD at $19,000.
Fact is, the future is uncertain. You can almost always find reasons for the most recent trends to continue, and you can almost find reasons that the most recent trends will change.
But a drop of 10-20% over the year? Last time we had that, it was accompanied by massive global recession. Is that what they're forecasting?
I think for Central Florida this might be right - many over priced homes on market now.
When I was getting me Econ degree they often warned us about predicting the market.
They said there are two type of economist that predict the future
One is the Economist that knows he does not know the future
and the second
is the the Economist that doesn't know he does not know the future.
The company also commented that the following 4 cities will rise: San Francisco 5.7%: Los Angeles 5%: San Diego 4.7%; Sacramento 4.6%.
Detroit is expected to see a 13% decline.