CoreLogic Predicting Home Prices Will Decline Nationwide Over the Next 12 – 18 Months

CoreLogic, a leading provider of consumer, financial and property data, analytical and services, is predicting that in spite of home prices increasing 4.8% year-over-year in May, that home prices will stall over the summer and they estimate decline by -6.6% by May 2021. The CoreLogic Home Price Index Forecast predicts a month-over-month price decrease of -0.1% in June, with all states expected to experience decline. CoreLogic’s chief economist, Frank Nothaft said, “by the end of summer, buying will slacken and we expect home prices will show declines in metro areas that have been especially hard hit by the recession.” The CoreLogic report points out that “Unlike the Great Recession, the current economic downturn is not driven by the housing market. While activity up until now suggests the housing market will eventually bounce back, the forecasted decline in home prices will largely be due to elevated unemployment rates.

FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.
Original Source:
Home prices in Florida and Arizona expected to drop due to COVID-19 “perfect storm”