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Wednesday, December 16, 2009

2010 Home Prices Expected to Fall 5-10%

Of every housing market in America, Moody’s said this week that it expects Pittsburgh -- and Pittsburgh alone -- to have its home prices rebound in 2010. A whole 0.41%, thank you very much.

For everyone else, your editors included, too bad. Moody’s chief economist Mark Zandi expects home prices to fall another 5-10% next year for the other 99 metropolitan areas in the U.S.

For the record, Zandi forecast this time last year that prices would fall 14.5% in 2009. Likely to come in around 13% this year, that’s pretty damn good… and pretty bad news for 2010.

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