Realtors optimistic, yet realistic, about improving housing market
San Francisco, CA -- (SBWIRE) -- 10/03/2012 -- Though nationwide home prices are showing signs of a recovery, there is no delusion of a return to a boom market any time soon.
From 2007 to 2012, prices for U.S. homes dropped one third in value, according to Fiserv Analytics.
Fiserve does foresee a recover of 3.7% per year over the next half decade. While it is certainly an improvement, it still leaves values at 20% below the peak. According to the firm, it is unlikely that the values would reach their peak again until 2023.
Fiserv economist David Stiff warns that those areas hit hardest would likely not see prices improve to recoverable levels for another decade.
California home prices tend to grow faster than other areas. Fiserve projects 4.4% over the next half decade in gains. At the same time, the California market was hit harder than most areas, dropping 46% in the 2007 to 2012 timespan.
Nevada homeowners are likely to wait the longest to recover losses. Prices plunged 60%, and a 2.3% gain per year would mean a 40 year wait to recover to 2007 levels.
Areas that avoided the bubbling of 2007 have actually already made gains in value. Areas like South Dakota, Texas, and West Virginia are already higher than they were five years ago. North Dakota has seen a 17.7% increase in five years, thanks to the oil boom and housing shortage.
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