US: What’s Next for Home Prices?

The news today is that the value of your most valuable asset is in trouble again. A report from website Zillow, which lets you look up what your house is worth, says that home prices in the US fell 3% in the first quarter.

Worse, Zillow says housing prices could fall as much as 9% more by the end of 2011. And this was the year that real estate market was supposed to rebound. Instead, it looks like we are at the start of housing bust, part deux.

Not quite. Houses are more affordable than they have been in decades. That’s what has lead many to call the bottom in housing earlier than they should have. Indeed, the emphasis on affordability might be slightly misplaced. If you can’t get a loan, it doesn’t matter how cheap houses get. You still can’t buy.

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