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Monday, July 11 2011 - By Autumnn Darden
Index shows home prices not recovering yet.
The Clear Capital Home Data Index Forecast predicts U.S. home prices to decrease another 2.4 percent by the end of the year, despite a 0.9 percent increase in the second quarter of 2011.
According to the monthly market report, none of the predicted lowest performing markets are forecasted to show any gains for the rest of 2011. The Midwest had significant losses the first half of the year, with home prices in Detroit down almost 20 percent. The markets of Virginia Beach, Virginia; Chicago, Illinois; Denver, Colorado; and Philadelphia, Pennsylvania are expected to drop more than 1.5 percent in the second half of 2011. Only five U.S. markets are anticipated to show home price gains for the remainder of the year: Washington, D.C.; Orlando, Florida; Dallas, Texas; and San Francisco, California. At the state level, however, California markets are expected to have declines of less than 2 percent, and the Honolulu and Dallas markets are anticipated to show some of the strongest improvements by the end of 2011. Alex Villacorta, director of research and analytics at Clear Capital, told BusinessWeek that the second quarter increase could be due to the season upswing in homebuying during the summer, but it is still a good sign. "That's not so bad, as we're under heavy inventory levels, high unemployment, and consumer confidence levels are not where they need to be," he told the news source. "It's not the type of increase that signifies a V-shaped recovery. It will be more muted." More News |
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