U.S. housing analysts: market bottom in 2012

Most U.S. housing analysts now expect the market to hit bottom some time in 2012, marking yet another delay in the predicted rebound in nationwide home prices. According to the Wall Street Journal, a new survey by Robert Shiller’s MacroMarkets polled 111 economists and analysts, of whom just one one-third now believe home prices will rebound this year. When the company conducted the same survey last June, respondents predicted a 1.3 percent increase in home prices in 2011. Now, those respondents see that increase happening in 2012. One-half of respondents in the latest survey expect further price declines for the remainder of 2011. Among the most sobering responses came from Dean Baker, co-director of the Center for Economic and Policy Research, who said he expects an 11 percent home price decline this year, and doesn’t see prices flattening until 2015. [WSJ]