Standard & Poor's is likely to report a 4.3% decline in June home prices year-over-year and a 1.2% increase from the previous month when it releases its June Case-Shiller Home Price Indices study next Tuesday, Zillow said Friday.
Zillow, an online real estate marketplace, released its forecast of the S&P Case-Shiller results on Friday, saying the S&P 10-City Composite Home Price Index for June could drop as much as 3.5% year-over-year while still increasing 1.2% from May.
Zillow's second-quarter home price report was released earlier this month, showing a 6.2% drop in 2Q from a year earlier and a slight 0.4% gain from the first quarter.
Declining home prices remain a consistent drag on the nation's overall economy, Federal Reserve Chairman Ben Bernanke said Friday. In a much-anticipated report from Jackson, Wyo., Bernanke noted volatile home prices are disrupting consumer spending.
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