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Tuesday, August 30, 2011

Zillow Forecast: June Case-Shiller Composite-20 Index Expected to Show 4.3% Annualized Decline

Zillow was little off in their forecast.  Home prices were up 3.6% a quarter ago and decreases 5.9% from year to year.  However, they are doing some long term forecasting.
Monthly home value appreciation in June may mark the last hurrah before beginning to weaken in the back half of this year in the face of worrying macroeconomic signals that began to accumulate starting in July and ultimately suppressed July home sales.  Not surprisingly, the August turmoil of credit rating downgrades, negative GDP revisions, stock oscillations and European debt woes are likely to leave a mark on both August home sales and home value appreciation.
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