There's usually no shortage of pundits attempting to call a bottom in the housing market, often incorrectly, seeing as this bottom calling exercise has been going on for a few years now. Zillow's recent survey of economists found that a majority of economists do not believe the bottom in housing is at hand. Specifically, economists surveyed believe that home prices may fall another 0.7% in 2012, increasing from a 0.2% anticipated decline in the previous Zillow survey from December. On a more positive note, economists believe home prices will appreciate 1.39% in 2013. The question here becomes whether the economists who Zillow surveys are any better predicting the future than anyone else; that remains to be seen. Maybe the most realistic thing to say is that no one really knows exactly when housing will bottom!
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