According to Real estate analytics firm CoreLogic, national housing prices stopped falling early this year, and rose over the 12 months which ended in February. But all now is expected to change now, now that tax credit for home buyers has expired.
Mark Flemming, CoreLofic chief economist said that “home prices will struggle for maybe another year”. “Tax credit is the big reason home prices have been so buoyant, and sales will drop, you will see a double dip in housing prices” said Paul Ashworth of Capital Economics.
The National Association of Realtors reported this Thursday that the first quarter, distressed homes typically sold at discounted prices, accounted for 36% of first quarter sales.
It’s too early to say that the housing market is recovering said David Blitzer, chairman of SandP’s index committee. But we can be sure we are not going to experience a meltdown like the one we had in the last couple of years.
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