Real estate markets throughout the US are expected to vary widely in recovery times with some markets not expected to rebound to peak levels for over a decade. Other areas of the country are already seeing signs of progress and could return to previous highs within just a few years. See the following post from HousingWire for more on this.
Housing markets that experienced the greatest inflation in house prices — including certain metro areas in sand states California, Florida, Arizona and Nevada — will not see a return of peak-level home prices before 2025, according to financial services technology provider Fiserv.
According to the Fiserv Case-Shiller indices measuring historical home price data and forecasts for more than 375 local markets, scattered metropolitan areas could recover home prices before 2013 (highlighted below, in blue):
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“Nationally, Fiserv Case-Shiller data points to a further 7% decline in home prices through the end of this year, with a prolonged recovery beginning early in 2011. In many markets, the emphasis is on the word ‘prolonged,’” said Fiserv chief economist David Stiff in a statement this week.
Other factors besides a run-up in house prices are dragging down recovery times in the industrial Midwest — including Michigan, Indiana and Ohio — where steep job losses in the manufacturing sector could keep housing demand low for some time.
But the data is not “uniformly grim” across all states, Stiff added.
A number of trends have defined initial signs of recovery in the housing market in recent months, including rising home sales. In particular, Pittsburgh, PA; Columbia, SC; and several metropolitan areas in Texas, Washington and upstate New York could see peak-level prices return within the next few years.
This article has been republished from HousingWire. You can also view this article at HousingWire, a mortgage and real estate news site.
