The Moody's Economy.com team, headlined by Chief Economist Mark Zandi, has issued a new report titled, Housing in Crisis: When Will Metro Markets Recover? Here's a look at their key findings:
1. House prices will stabilize by the end of this year.
2. The national Case-Shiller house price index will decline by another 11% from the fourth quarter of last year for a total peak-to-trough decline of 36%.
3. By the end of this unprecedented downturn, house prices will have declined by double digits peak to trough in nearly 62% of the nation’s 381 metro areas. In about 10% of metro areas, price declines will exceed 30%.