Fiserv Case-Shiller: Home prices to fall 1% in 2012, rebound in 2013
“The double-dip in home prices that began two years ago continued through the third quarter of 2011, according to the Fiserv (FISV: 62.89 +0.45%) Case-Shiller Indexes released Monday. However, there are signs of a recovery for 2013.
The indexes projects average U.S. home prices will drop another 1% in 2012, and that increased home sales and improved economic conditions should contribute to a 3.8% increase in 2013.
Nationally, the indexes show home prices fell in 337 of the 380 metro areas tracked in the third quarter from the prior quarter and year-earlier period. The average price of a U.S. home fell to a new post-bubble low, declining 3.9% from a year ago. Average home prices are now 33% below the 2006 peak, with broad weakness across the U.S.”
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