According to the latest Standard and Poor’s/Case Shiller 20-city index, home prices did tick up slightly in July from June, but many analysts, including Veros, argue that this rise is only temporary.
Now that the traditional peak home buying season is over many major markets are bracing for a continued rise on foreclosures and short sales as homebuyers go into their own sort of hibernation.
High unemployment, reluctant buyers and a bleak real estate market facing a projected 2.2% drop expected in the second half of the year, according to a recent survey from MacroMarkets. Also, Moody’s Analytics predict an 8% drop in the Case Shiller index in the coming year.
While national Real Estate news continues to paint a gloomy picture for the average home-buyer it is important to highlight that great opportunity exists in many local markets.
To see the latest report from Standard and Poor’s CLICK HERE.