The media keeps telling everyone that the worst is almost over. On August 15, 2011, I wrote about another Double-Dip Underway. Another one is coming. In the second quarter of 2011, single-family home prices fell 5.9 percent on an annual basis, according to the latest national Fiserv Case-Shiller home price indexes released Wednesday.
In fact, according to DSNews, Fiserv predicts prices will continue to fall into the coming year — dropping another 3.6 percent by the first half of 2012.
Prices fell in 340 of the 384 metro areas tracked by the Fiserv Case-Shiller indexes. In 302 of these metros, prices recorded new lows in the second quarter.
However, Fiserv does see a light at the end of the tunnel. According to its predictions, prices will rise 2.4 percent from the second quarter of 2012 to the second quarter of 2013.
According to Gary Lucido of chicagonow.com, potential buyers must be convinced that the economic recovery is back on track and that the double-dip in home prices is nearly over before housing demand will begin to rise.
What do you think??