Tuesday, August 23, 2011

The end is near for housing slump

Despite the weakness in housing markets, economic malaise and gloomy consumers, Fiserv continues to project that home prices will remain on track to stabilize by the end of 2012.

by Broderick Perkins
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Deadline Newsroom - Don’t expect a sonic boom, but the housing market is poised to turn around next year and much of the nation should be in full-fledged recovery by 2013.

The Fiserv Case-Shiller Home Price Index for the first quarter 2011, is a lagging index, but after examining 384 markets it found signs strong enough to indicate the end is near.

“Mortgage delinquency rates have been falling for more than a year. Foreclosure rates have started to decline. The flood of bank-owned sales, which has swamped many markets, will finally begin to recede this year as fewer houses enter the foreclosure pipeline,” said David Stiff, chief economist at Fiserv.

That doesn’t mean happy days are here again just yet.

“It’s going to be a cold winter,” says Jon Sterling, director of marketing at real estate research firm Altos Research in Mountain View, CA.

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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.

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