For the past couple years, most talks regarding the housing market usually revolved around the idea that it keeps plummeting and that rock bottom is the inevitable destination.
That rock bottom may come in June 2012.
According to the financial analytics company Fiserv, home values are expected to fall even further as a result of increased foreclosures and default notices. The analysis points to a decrease around 3.6 percent by June 2012, which would push home values to a new low of 35 percent below the peak reached in early 2006.
An increase in foreclosure activity and sustained high unemployment do not help in the slightest, either. Later this week, the unemployment report will be released and all signs are pointing to a plateau, maybe even a dip, around the 9.1 percent range nationwide.
Fiserv anticipates that home prices will climb just 2.4 percent between June 2012 and June 2013, making the housing picture even bleaker in the future.
To read more about the bleak future in the housing market, click here.
Eric Mally is a writer for Quicken Loans, a company whose clients believe it’s Engineered to Amaze. Interested in being Amazed by us? Read trusted reviews at Quicken Loans Reviews and at Epinions.
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Hi Eric – I work for a home builder here in Houston and the current housing market has definitely changed the way home builders in general do business. A bleak forecast for the future too. We need to sell and move the backlog of foreclosures and short sales in order to get to a place where the housing marketing can flourish. The housing market also affects jobs, construction, manufacturing, brokers, etc.
Anyways, thanks for sharing! – Aly