Housing Market Insight – The Double-Dip You’ve Been Expecting
Housing Market Insight – Week of August 23rd | Creative Property Solutions, Inc..
The Double-Dip You’ve Been Expecting
Over the last few months, we’ve certainly heard many people calling for a double-dip in home prices. The reality is the market is setting up for just that. How much will the decline be? Good question. In March I talked about Standard & Poor’s chief economist predicting 5-6% decline using the Case-Shiller Index. Since prices have increased (mostly due to the tax credit) since then, a 5-6% decline nationally (from January) still seems likely. That would but us around a 7-8% decline since January 2010′s numbers. Some say a 20% decline nationally is possible. The test is coming as seasonality diminishes leaving many homeowners looking to sell hoping for a better summer in 2011.
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