As the days, months and years go by, the return of the housing market gets farther and farther away. It seems as we continue to peel away the issues at hand we start to see what has been truly done and the news although sometimes grim, becomes more and more accurate.
Peak House Prices Will Return to Sand States after 2025: Fiserv
Housing markets that experienced the greatest inflation in house prices — including certain metro areas in sand states California, Florida, Arizona and Nevada — will not see a return of peak-level home prices before 2025, according to financial services technology provider Fiserv.
According to the Fiserv Case-Shiller indices measuring historical home price data and forecasts for more than 375 local markets, scattered metropolitan areas could recover home prices before 2013
“Nationally, Fiserv Case-Shiller data points to a further 7% decline in home prices through the end of this year, with a prolonged recovery beginning early in 2011. In many markets, the emphasis is on the word ‘prolonged,’” said Fiserv chief economist David Stiff in a statement this week.
Other factors besides a run-up in house prices are dragging down recovery times in the industrial Midwest — including Michigan, Indiana and Ohio — where steep job losses in the manufacturing sector could keep housing demand low for some time.
But the data is not “uniformly grim” across all states, Stiff added.
A number of trends have defined initial signs of recovery in the housing market in recent months, including rising home sales. In particular, Pittsburgh, PA; Columbia, SC; and several metropolitan areas in Texas, Washington and upstate New York could see peak-level prices return within the next few years.
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