Zillow predicts 4% drop in home prices
Online real estate firm Zillow sees home prices continuing on a downward trajectory.
The firm made this conclusion in its monthy forecast of what to expect in the upcoming S&P Case-Shiller Composite Home Price report.
The firm estimates the 20-city composite index, which documents home prices in large, metro areas, will see an average price decline of 4% year-over-year and 0.5% month-over-month. This forecast is for the upcoming release of S&P's December Case-Shiller report on Feb. 28.
Zillow also projects home prices tied to the 10-city composite index will fall 3.9% year-over-year and negative 0.6% month-over-month on a seasonally adjusted basis.
-- Kerri Panchuk