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I don’t know what the official end of the Spring housing market is, but it seems as if the experts have called the close, and it ain’t great.
Last week, after the folks at the vaunted SP/Case Shiller Indices put a period on the home price double dip, which others had been reporting for months — and The New York Times did a piece on falling home prices — it seemed like suddenly the housing watchers got nervous again.
Over the weekend, JP Morgan Chase’s housing analysts revised their outlook lower for home price recovery, “largely based on existing home sales coming in lower than expected.” While they expect that regional divergences will increase, “Our new base case is down percent from here (Q1 2011) and bottoming in mid-2012. We expect home prices to modestly improve over the summer months.”
Soon after, Credit Suisse’s Monthly Survey of Real Estate Agents announced: “Weak ending to the Spring season.” CS’s Daniel Oppenheim notes, “A lack of urgency continues as does a fear and hesitation of buying if prices still have further to fall.” This, we knew.
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Article source: http://www.cnbc.com/id/43298147?__source=RSS*blog*&par=RSS