Thursday, May 27, 2010
by Broderick Perkins
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Deadline Newsroom - Nearly one-in-four homeowners were underwater on their mortgage, foreclosures reached a new peak and home values in most U.S. market continued to slide, all in the first quarter this year.
But, says Zillow, the end is near.
Despite continued tight market conditions, housing should stop bleeding in the third quarter this year according to Zillow, a real estate information provider and home listings portal.
Healing is another matter, reports Zillow, in its first quarter Real Estate Market Reports covering 135 metropolitan markets.
"We believe national home values are more likely to reach bottom in the third quarter of 2010, rather than in the second quarter, as we had hoped. When we do get there, we expect the high rates of negative equity and foreclosures to keep national home value appreciation near zero for some time, possibly as long as five years," said Zillow Chief Economist Dr. Stan Humphries.
Zillow may be a bit conservative. Some sources predict a much longer recovery.
Humphries is, however, bullish on a third quarter landing for the housing market because home values in several large California markets have stabilized significantly, and they show tentative signs of reaching market bottom.
"As goes California, so goes the nation," is a long recited phrase of both hope and doom, depending upon which way the market is moving, given the sheer size of California's housing market and the state market's past impact on nearby states.
Erate.com has the full story "Zillow: Housing's hard landing due July-September 2010"
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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.
Perkins was the first Examiner to cover three beats for the Examiner.com news service:
• National Offbeat News Examiner
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• National Real Estate Examiner
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