Strong housing recovery predicted for the future
Posted on Thursday, September 20, 2012 at 9:10:33 PM
The latest data compiled in the September 2012 Zillow Home Price Expectations Survey found that economists believe property prices will increase 2.3 percent during the course of 2012. This increase in home costs is certainly more positive than the decrease of .4 percent predicted in June 2012.
"This is further evidence that we're seeing a true recovery in the housing market," said Zillow Chief Economist Dr. Stan Humphries. "Not since mid-2010 - in the midst of the homebuyer tax credits - have we seen this group so bullish on housing. It's refreshing to see this optimism at a time when the market seems to be making an organic recovery, in the absence of an artificial stimulant like the tax credits."
Housing experts believe that home prices will continue to rise in the upcoming year. The most optimistic of the bunch believe property values could increase 4.4 percent, while cautious experts are only willing to predict a .3 percent rise. Whether the increase in home values is 4.4 percent or .3 percent, the forward momentum in the market may entice buyers to consider applying for residential financing.