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Fitch forecasts more housing price drops between now and the bottom - CA 36%, FL/AZ/NJ 20%, NY 11%

By w¡n9Nµ7 §£@¥€r in Off Topic

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w¡n9Nµ7 §£@¥€r Grand Master

w¡n9Nµ7 §£@¥€r   123

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NEW YORK--(BUSINESS WIRE)--Home prices in hard hit states like California, Arizona and Florida still have a considerable way to fall before stabilizing in late 2010, according to the latest U.S. home price forecast from Fitch Ratings.

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Fitch expects that California will lead the way with an additional 36% decline in home prices from current levels over the next 12 to 18 months. Florida and Arizona are forecast to see declines of over 20% from today's levels in the same period.

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Texas and Illinois are anticipated to see further declines of 1% and 9% respectively and New York and New Jersey are expected to see further declines of 11% and 20% respectively.

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Nationally, Fitch expects home prices to fall a further 12.5% on average.

Fitch's forecast is primarily based on its expectation that home prices will return closer to the inflation-adjusted long-term historical mean, which has been the pattern of prior home price cycles.

http://www.businesswire.com/portal/site/go...amp;newsLang=en

Man is made by his belief. As he believes, so he is.

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Ban Hammer Grand Master

Ban Hammer   13,346

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and again - cali and jersey suck.

* ~ * Charles * ~ *
 

I carry a gun because a cop is too heavy.

 

USE THE REPORT BUTTON INSTEAD OF MESSAGING A MODERATOR!

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