Experts forecast five years of doom and gloom for U.S. housing market
September 21, 2011 04:30PM
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More than 100 economists, real estate experts and investment
strategists projected the path of the S&P/Case-Shiller U.S. National
Home Price Index over the next five years. And the forecast isn't
pretty.
According to the MacroMarkets survey released today, experts predict
home prices will gain just 1.1 percent annually over the next five
years.
"Expectations for home price performance in 2011 has become somewhat
less negative," said Robert Shiller, one of the creators of the
Case-Shiller index and a co-founder of MacroMarkets. "Unfortunately, the
average projection is somewhat more negative for each of the following
four years."
The glacial-paced growth is even more disappointing considering the
record low mortgage rates, experts said. And no matter how much effort
the government puts into correcting a problem, most of the experts said
a solution should come from the market.
While 73 percent of those surveyed believed further government action is
"highly likely," 57 percent said government action is undesirable and
49 percent said it is unnecessary.
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