Home prices finally returning to normal
@CNNMoney March 5, 2013: 9:25 AM ET
NEW YORK (CNNMoney)
After years of wild swings, the U.S. housing market is slowly returning to normal.
The latest forecast from Fiserv (FISV) Case-Shiller predicts home prices will increase by an average of 3.3% annually over the five years ending September, 2017.
Home prices: Biggest winners and losers
These cities will see the biggest swings in home prices through the 12 months ending September 30, according to Fiserv's estimates.
| City | Forecast change |
|---|---|
| Medford, Ore. | 9.7% |
| Santa Fe | 8.1% |
| Billings, Mont. | 5.5% |
| Syracuse, N.Y. | 5% |
| Yuma, Ariz. | 4.8% |
| Orlando, Fla. | -8.3 |
| Merced, Calif. | -8.5% |
| Riverside, Calif. | -8.6% |
| Warren, Mich. | -9% |
| Miami | -10.7% |
Source: Fiserv
"2012 was the first year since 1997 that the housing market has resembled something [close to] normal," said David Stiff, Fiserv's chief economist. "For the past 15 years, home price changes and sales volumes have either been boosted by a bubble mentality or crushed by crash psychology."
From 1998 until the housing bubble peaked in 2006,home prices grew by 5% or more a year. But once the bubble burst, home prices plunged, falling 30.5% through the end of September 2012.
Read More: http://money.cnn.com/2013/03/05/real_estate/home-prices/index.html?section=money_realestate&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_realestate+%28Real+Estate%29
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