Zillow CEO Spencer Rascoff on housing market..
Recap:
Zillow’s data suggests that, while down 29% as a nation, home values haven’t bottomed out quite yet:
- Another 3-5% decrease in values can be expected based on foreclosure back logs, this decline will most likely be spread out over the course of 2012.
- While shadow inventory is dwindling due to the majority of 2005-2007 loans that ran the risk of default having done so, a slow and relatively jobless recovery will continue to put a damper on home demand further restrict appreciation.
- After a 3-5% reduction, home values are expected to stay flat for several years before any real appreciation starts