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Wednesday, August 31, 2011

CoreLogic: Summer house price gains should begin to fade

The more active spring selling season pushed prices up this summer in several indices, including the Standard & Poor's/Case-Shiller home price index. But prices remain 5.2% below one year ago, according to CoreLogic. Even excluding the sale of distressed homes, prices remain 0.6% below last year.
Mark Fleming, chief economist for CoreLogic, expects the spring influence to fade as new data come later this summer.
"At that point the month-over-month growth will most likely turn negative" Fleming said. "The slowdown in economic growth and increased uncertainty caused by the recent stock market volatility will continue to exert downward pressure on prices."
Bank analysts don't expect a bottom in house prices until early 2012, and from there a long, steady recovery should begin.
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