The Experts have Spoken

My friend and lender, Amy House, sent me this information. I can't vouch for it, but if you want to talk to her about it her information is at the end of this blog.

By the way, she rocks as a lender!!!!!!!!!!!! Thanks Amy!


Reuters polled economists on the health of the housing market and their outlook. Check out the results...
1. When do you think a trough in U.S. housing prices will be reached?
9 said is already reached
9 said in less than 6 months
9 said in 6 to 12 months
1 said in 1 to 2 years
None said in more than 2 years

2. What is your forecast for the change in average house prices over the year?
(CASE-SHILLER 20 CITY)
The median of 22 forecasts was -13.0 percent in 2009.
The median of 22 forecasts was 2.9 percent in 2010.

(OFHEO/FHFA)

The median of 11 forecasts was -4.2 percent in 2009.
The median of 11 forecasts was 0.8 percent in 2010.

3. How much, in percentage terms, are U.S. house prices likely to fall before stabilizing:

The median of 25 forecasts was for a fall of 33.0 percent from the peak.
The median of 24 forecasts was for a fall of 0.5 percent from here.

4. Is a rebound in housing prices a prerequisite for a sustained economic recovery? YES/NO

13 said Yes
23 said No

5. On a scale of 1 to 10, where 1 is extremely undervalued, 5 is fairly valued and 10 is highly overvalued, what best describes average U.S. house prices relative to fundamentals?

The median of 38 forecasts was 5.
Forecasts ranged from 2 to 7
HOW WOULD YOU RESPOND TO THESE QUESTIONS?


Amy House
Senior Mortgage Consultant
New American Mortgage
4016 Raintree Rd Ste 20B
Chesapeake, VA 23321
Direct # 757-241-3461
Fax # 757-315-8171
Email: amy.house@newamerican.com
apply online at: www.newamerican.com/amy.house