U.S. home prices will fall 5 percent to 7 percent more before a reaching a bottom in late 2011, said Stan Humphries , chief economist of Zillow Inc. , a provider of housing data.
More than 28 percent of U.S. homeowners with mortgages owed more than their properties were worth in the first quarter as values fell the most since 2008, Zillow Inc. said today.
Just a year since the U.S. housing market hit bottom after the biggest plunge in eight decades, signs of excess are re-emerging.
The number of U.S. homeowners who owe more on their mortgages than their houses are worth fell by about 400,000 in the second quarter as prices rose and properties were lost to foreclosure.
Two widely followed titans of housing battled on Surveillance this morning -- bullish Corcoran Group founder Barbara Corcoran and bearish Zillow Inc. Chief Economist Stan Humphries.
Stan Humphries, chief economist at Zillow, says the housing recovery is becoming more widespread as home values rose for a 16th straight month in February. Humphries talks with Bloomberg's Vonnie Quinn on Bloomberg Radio's "Taking Stock."
"Builders will turn their attention to the bottom half of the market, as millennial buyers begin to buy entry-level homes en masse after years of delays."
- Stan Humphries on Dec 17, 2014
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