U.S. Home Prices to Fall 6%
US home sales
According to a report between Fiserv and Moody’s, the average home price in the United States will fall by about 6% by September 2011.
Mark Zandi, economist and co-founder of Economy.com said: “Foreclosure sales will pick up this spring as mortgage servicers figure out who can qualify for a modification and who can’t.”
The good new, at least for San Diego, is that this report expects San Diego home prices to be up by 8.8% for this period.
The worst performing market will be Miami, Fla. Moody’s projects prices there to drop a heart-stopping 29.2% by Sept. 30. That follows a 47.7% decline the metro area recorded in the past three years.
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Although the foreclosures may have plateau, the correction still has a little ways to go. Sorry, fundamental values stand for SOMETHING and are really your best bet against big losses.
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