(English) House Prices: When Will 2006 Values Return?
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For those underwater it is important to understand the meaning of this and the importance to put together a strategic game plan. Paying an extra payment and as much to principal as possible is one of the most effective goals toward getting above the underwater lines.
Shiller: Housing market comeback may be an illusion
By
Bloomberg News
on January 24, 2013 at 11:11 AM, updated January 24, 2013 at 11:24 AM
It’s still too early to say if the housing market comeback is for real.
Daniel Acker/Bloomberg
A U.S. housing-market revival may prove illusory and the threat of
further weakness remains, said Robert Shiller, a professor at Yale
University and co-creator of the S&P/Case-Shiller index of property
values.
“The housing market has been declining for something like six years
now, it could go on, that’s my worry,” Shiller told Tom Keene in a
Bloomberg Television interview today in Davos, Switzerland. “The
short-term indicators are up now, it definitely looks better, but we saw
that in 2009.”
The property market has shown signs of recovery and homebuilding has
rebounded as low borrowing costs spur buyer demand, bolster prices.
Values rose 7.4 percent in November from a year earlier, the ninth
straight increase and the biggest gain since May 2006, data provider
CoreLogic said last week.
“It’s a good housing market in the sense that mortgage rates are very
low and prices have come down to normal levels, so yes, it’s a good
time to buy if nothing bad happens,” Shiller said. “But it’s also a very
bad housing market in that most of the mortgages are being supported by
the government, and we have the Fed and this buying program. It’s a
very abnormal market. There’s a lot of uncertainty going forward.”
New-home sales in December picked up to a 385,000 annual rate,
according to the median forecast of economists surveyed by Bloomberg
ahead of a Commerce Department report tomorrow.
The S&P/Case-Shiller index of property values in 20 cities
increased an annual 4.3 percent in October, the biggest 12-month advance
since May 2010, the group said on Dec. 26. The next report is due on
Jan. 29.
Data on Jan. 22 showed sales of U.S. existing homes unexpectedly fell
in December. Purchases fell 1 percent to a 4.94 million annual rate
last month, the National Association of Realtors said. The median
forecast in a Bloomberg survey was for a gain to a 5.1 million rate.
Shiller, who spoke while attending the World Economic Forum’s 2013
annual meeting, also said that while global economic conditions are “a
little better,” there are still risks to the recovery.
“We’ve been five years in a slow economy, and it could go quite a bit
longer,” he said. “We’ve seen gross domestic product growth at
sub-normal levels.”
He added, “I think we’re pretty far from irrational exuberance, maybe 50 years away.”
Bloomberg
It is very difficult to Expect that 2006 prices wil come again as because the inflation rate is at its peak,and the demand of land is also goes high.