About 100 of the nation’s 381 metro areas have experienced house-price declines of 20 percent or more since the market’s peak, with some markets experiencing declines of 50 percent or more, according to data presented today by Moody’s Economy.com.
Moody’s Economy.com economists and analysts believe that the national declines may conclude this year, though, according to a Reuters report.
The report states that prices may hit bottom in the fourth quarter, with sales hitting that bottom sooner. But Reuters notes that the Moody’s outlook "assumes stronger action by U.S. policymakers" and even then a recession "will keep the housing market from fully recovering until the end of this year."
Stockton, Calif., is expected to experience a total peak-to-trough price drop of 67.1 percent, with prices reaching bottom in the fourth quarter, according to the report. The report also forecasts that Punta Gorda, Fla., will experience a total drop of 65.4 percent, hitting bottom in second-quarter 2010.
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