Home prices nationally are expected to continue falling in the next 12 months, while Nashville prices — which had stabilized — are expected to drop again as well, according to an analysis released Thursday by Fiserv, using its Fiserv Case-Shiller Home Price Index.
The Nashville Busness Jouranal said according to the report, Nashville homes prices have "temporarily stabilized," rising 2.9 percent from the first to second quarters of this year, while falling 3.5 percent for the past year.
Though Fiserv predicts grimmer trends for much of the country, it suggests that Nashville prices will drop another 4.3 percent in the next 12 months.
David Stiff, a chief economist with Fiserv, said "many temporary factors that were partly responsible for string spring and summer real estate markets, including the first-time homebuyer tax credit and Federal Reserve actions to drive down mortgage interest rates, will no longer be bolstering demand. Consequently, home prices will resume falling again before they stabilize in 2010."
Nationally, home prices dropped an average of 14 percent over a 12-month period ending June 30. The analysis expects prices to drop another 11 percent over the next 12-month period.
Through the 3rd quarter, 2009: (Davidson County - Murfreesboro Rd. to I65) 1,050 single family properties on the Market List Price: $198,851 Days on Market (DOM): 81
During the 3rd Quarter of, 2008: (Davidson I65 to Charlotte Pike) 1,122 single family properties on the Market List Price $683,266 Days on Market (DOM): 104
During the 3rd quarter, 2009: (Davidson County-I40E to Murfreesboro Rd.) 316 single family properties were on the Market List Price: $153,461 Days on Market (DOM): 81
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