10 Hard-hit Housing Markets Expect Double-digit Price Gains
According to an article on CNNMoney, 10 hard-hit housing markets will record double-digits price increases through next year 2013. This week, the mortgage rates has reached a lowest point, and many house hunters have already started to pounce on bargains. David Stiff, the chief economist at Fiserv (a financial analytic company that did the forecast), "Some markets may have overshot to the downside, and people are jumping in to try to catch the bottom," Stiff said.
Fiserv also commented that on a national scale, home prices will start rebounding late this year and gain an average of 4% a year over the next five years. This Wednesday's report by the National Association of Realtors pointed out that the national median home price declined by just 0.4% in the three months ended March 31 compared with the same period in 2011. Their report also showed that nearly 50% of the 146 metro-area markets showed a price increase in the first quarter of 2011.