For about 4 years now, “economists” have been predicting that the bottom for home prices was either in, or just a few months away. Literally, every month or two is a new survey or study that says things are about to get better. MacroMarkets LLC is about to put out another one.
The Wall Street Journal reports:
Housing analysts have grown gloomier about the outlook for U.S. home prices as sales slump, a new survey shows.
The monthly report by MacroMarkets LLC, due for release Wednesday, found that 56% of the 106 economists and other analysts surveyed expect home prices to decline this year. That is up from 40% a month ago.
…
The analysts surveyed by MacroMarkets on average expect home prices, as measured by the S&P/Case-Shiller national index, to decline about 1.4% this year, then rise 1.3% in 2011 and 2.7% in 2012. For the five years ending Dec. 31, 2014, they see a rise of 10.5%. As of Dec. 31, the index was down about 28% from its peak level in mid-2006.
Here’s their chart, with my arrow:
June 22, 2010
Home Economics