Home prices to drop another 11% by June 2010?!?

“If you thought home prices were bottoming out, you may be wrong. They’re expected to head a lot lower.” So says Fiserv, a financial information and analysis firm that is predicting the national median home price of homes will  drop another 11.3% by June 30, 2010.

Cities that will experience the largest price declines include Miami, Orlando, Las Vegas, and Phoenix, according to Fiserv.

I’m not sure what planet Fiserv is on, but here in the real world, home prices are rising, and in some cities they are rising fast.

Does this look like prices are crashing in Las Vegas?

Does this look like prices are crashing in Phoenix?

The Case-Shiller index, which measures the average home price nationally, is up three months in a row. The latest monthly increase, 1.6 percent, is the largest one-month jump in more than four years.

Pending sales of existing homes are increasing.

Inventory of new homes is dropping fast.

For much more, see Inflation Watch’s housing archives.


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