An abundance of foreclosed properties is causing U.S. home values to continue to drop, according to real estate website Zillow. Home values in the first quarter were down 3% compared with the fourth quarter of 2010, the website says. According to The Wall Street Journal, home prices have dropped for 57 consecutive months. The steady decline is forcing economists to revise their projections for the U.S. housing market. While there had been some speculation the market would bottom out in late 2011, Stan Humphries, Zillow’s chief economist, now expects home prices will fall another 7% to 9% before bottoming out in 2012.
This week’s poll question: Do you think the Baton Rouge housing market has hit bottom in terms of prices?
