Industry NewsMarkets & Economy

Major metro prices to bottom in March?

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Home prices in 45 of the largest metro markets tracked by First American CoreLogic's LoanPerformance Home Price Index are expected to hit bottom in March, and show a modest annual gain by October 2010, the company said in a report today.The LoanPerformance Home Price Index showed national home prices declining by 7.8 percent in October from a year before, off 30.1 percent from their April 2006 peak, the company said. Prices in the 45 largest metropolitan markets are expected to fall another 4.2 percent before bottoming out in March, First American CoreLogic said. The improving outlook for inventories and unemployment should allow the index to show year-over-year appreciation in those markets of just under 1 percent by October.Nationwide, some 23 percent of borrowers were underwater as of September, which along with a growing "shadow inventory" of homes constitutes "a significant risk for future home-price stability" in 2010, First American CoreLogic said.The shadow ...