Home prices haven’t stabilized, forecaster says

A glut of recent positive data, including a largely optimistic S&P/Case-Shiller Home Price Index July data set released this week, has caused some to believe that the housing market is stabilizing, at least price-wise. But David Levy, head of the Levy Forecasting Center, told Yahoo! Finance’s Henry Blodget and Aaron Task that he doesn’t believe that prices have stabilized yet. “We may be seeing some little bounces as we transition from the period of plunge to a probably longer more uneven, erosive period for housing prices,” Levy said.