The country is on the verge of a double-dip in housing prices according to new survey from MacroMarkets LLC. The financial technology company asked a panel of 111 economists, real estate experts, investment and market strategists to project the path of housing prices over the next five years based on the S&P/Case Shiller U.S. National Home Price Index.
Robert Shiller, MacroMarket's cofounder and chief economist said panelists' sentiments regarding the housing market continue to deteriorate. "Now they are expecting only a weak recovery and even that is not until 2013." Shiller blamed the outlook on market fundamentals; high unemployment, high inventory, and continuing foreclosures and tight credit.
Terry Loebs, MacroMarkets managing director said that overall, the March expectations data are the most pessimistic collected to date. After the weak performance in the fourth quarter of 2010, home prices nationally are only 1 percent above what would be a new post-housing crash low. "Many more experts are now projecting a double-dip after witnessing the double-dead cat bounce that came in the wake of expired government stimulus programs," Loebs said.
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Source: http://www.mortgagenewsdaily.com/03242011_housing_prices.asp
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