Tag Archives: home prices up

Industry Experts Predict Price Growth into 2017

If projections hold out, home values will rise 22 percent cumulatively by the end of 2017, according to Zillow’s first-quarter Home Price Expectations Survey.

home prices up in real estateFor its report, Zillow and Pulsenomics surveyed a nationwide panel of 118 economists, real estate experts, and investment and market strategists to get their thoughts on future home values and housing market policies.

On average, the panel forecasts price growth of 4.6 percent in 2013 and 4.2 percent in 2014. More moderate growth is expected after that, with annual appreciation rates between 3.6 percent and 3.8 percent for 2015, 2016, and 2017, leading to an average 4.1 percent growth annually for the next five years.

According to Zillow, this is the first time the predicted average annual growth rate for the next five years has surpassed pre-bubble levels since the survey was created…

…The most optimistic quartile of panelists predicted a 6.1 percent increase in home values this year, on average, while the most pessimistic predicted an average increase of 3 percent. Expectations for cumulative growth projections ranged from 34.2 percent among the most optimistic panelists to 11.7 percent among the most pessimistic, on average…

Read the rest of this article by DSNews.com here: Industry Experts Predict Price Growth into 2017.

San Diego foreclosures fall to 5-year low

Foreclosures in San Diego County are at their lowest levels in more than five years, while default notices have held steady, show the latest DataQuick numbers released Tuesday.

In May, 426 homes were foreclosed upon, down 51 percent from a year ago and down 19 percent from the previous month. May’s count is the lowest it’s been since February 2007, when there were 383 foreclosures in the county. Foreclosures peaked at 2,004 in July 2008.

The number of default notices, which signal the first step in the formal foreclosure process, fell 1 percent from a year ago to 1,340 but rose 1 percent from April. This leading indicator of distress reached its highest point of 3,832 in March 2009, roughly the start of the robo-signing crisis, when major lenders approved loan documents without proper review.

The county’s foreclosure and mortgage default levels tend to rise and fall in varying degrees month-to-month and year-over-year. To get a better a sense of how distress is trending, here’s a look at how current numbers compare to several averages for both indicators:

Foreclosures, May 2012

12 month average 2 year average 3 year average 5 year average 10year average 89 – present average
689 818 944 1,029 552 325

Current month vs average, foreclosures

12 month average 2 year average 3 year average 5 year average 10 year average 89 – present average
-38.2% -47.9% -54.9% -58.6% -22.8% 31.1%

Mortgage defaults, May 2012

12 month average 2 year average 3 year average 5 year average 10 year average 92 – present average
1,505 1,601 1,901 2,131 1,306 1,078

Current month vs average, defaults

12 month average 2 year average 3 year average 5 year average 10 year average 92 – present average
-11% -16.3% -29.5% -37.1% 2.6% 24.4%

With home prices and sales up, and now news of declining foreclosures, could all this signal the advent of a housing recovery for the county?…”

Read SignonSanDiego.com’s article in full on their website here: “San Diego foreclosures fall to 5-year low”.