Moody's Predicts Housing Bottomby
Moody’s Economy.com Chief Economist Mark Zandi is coming out with a new study on the housing market. He’ll discuss it in a conference call with clients on Feb. 5. Moody’s offered a sneak peak. Among the conclusions:
· Home prices will stabilize by the second half of this year. · The national Case-Shiller home price index will decline by another 12% from the third quarter of last year for a total peak-to-trough decline of 30%. · By the end of this unprecedented downturn, house prices will have declined by double digits peak to trough in nearly 62% of the nation’s 381 metro areas. In about 10% of metro areas, price declines will exceed 30%.