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Moody's Pegs Nationwide Home Price Drop at 36%.
New York-Moody's Economy.com predicts that the value of homes nationwide will be more than a third lower when prices bottom out late this year.
Specifically, Moody's predicts that the housing market will find a bottom by year-end and that home values will be down 36% from their national peak in 2006.
Mark Zandi, chief economist of Moody's economy.com, said, "Notwithstanding the intensifying economic gloom, the bottom of the housing downturn is within sight for the nation."
But even Moody's prediction for a bottom has a contingency. Mr. Zandi said that "strong action by policymakers" is needed to support the economy and ensure that prices begin to recover by the end of this year.
Currently, Moody's says that home prices have already fallen about 25% ...
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Source: HighBeam Research, Moody's Pegs Nationwide Home Price Drop at 36%.