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You are here: Home / Recommended / Schiller: 25% Home Price Drop Possible
Schiller: 25% Home Price Drop Possible
June 10, 2011 By Financial Bin Leave a Comment
BLOOMBERG: Robert Shiller, the economist who co-founded the S&P/Case-Shiller index of U.S. home prices, said a further decline in property values of 10 percent to 25 percent in the next five years wouldnt surprise me at all.
Theres no precedent for this statistically, so no way to predict, Shiller said today at a conference hosted by Standard& Poors in New York.
U.S. home prices plunged 33 percent in 20 cities through March from their 2006 peak, reaching their lowest level since 2003, according to a Case-Shiller report on May 31. The decline signaled a double dip as the index fell below its previous post-housing-bubble low set in April 2009. Prices more than doubled from 2000 to July 2006.
A backlog of foreclosures poised to hit the market means prices may stay depressed, dissuading builders from starting new construction. Unemployment, which rose to 9.1 percent in May, and stricter lending conditions are signs that any recovery in housing may take years.
more at-
Schiller: 25% Home Price Drop Possible
You are here: Home / Recommended / Schiller: 25% Home Price Drop Possible
Schiller: 25% Home Price Drop Possible
June 10, 2011 By Financial Bin Leave a Comment
BLOOMBERG: Robert Shiller, the economist who co-founded the S&P/Case-Shiller index of U.S. home prices, said a further decline in property values of 10 percent to 25 percent in the next five years wouldnt surprise me at all.
Theres no precedent for this statistically, so no way to predict, Shiller said today at a conference hosted by Standard& Poors in New York.
U.S. home prices plunged 33 percent in 20 cities through March from their 2006 peak, reaching their lowest level since 2003, according to a Case-Shiller report on May 31. The decline signaled a double dip as the index fell below its previous post-housing-bubble low set in April 2009. Prices more than doubled from 2000 to July 2006.
A backlog of foreclosures poised to hit the market means prices may stay depressed, dissuading builders from starting new construction. Unemployment, which rose to 9.1 percent in May, and stricter lending conditions are signs that any recovery in housing may take years.
more at-
Schiller: 25% Home Price Drop Possible