10 May 2011
With all these numbers, Zillow expect the market to see the bottom only in 2012.
“Today’s house price drop is equal to the one we saw during the recession. It means home values won’t stabilize by the year end 2011”, – Zillow chief economist Stan Humphries said.
It should also be noted that weak US real estate market will affect mortgage rates as well: they will be kept low for a long period of time.