Fiserv Case-Shiller Home Price Insights: Greater Affordability and Strengthening Economy Restoring Price Stability to U.S. Housing Market
- Home prices in the U.S. expected to decline 3.6 percent into mid-2012, and then rebound 2.4 percent in second half 2012 through first half 2013
- Price declines and low mortgage rates have resulted in dramatic improvement in housing affordability
- Ratio of monthly mortgage payment to median family income lowest on record; Monthly mortgage payment for a median-priced single-family home nearly 40 percent lower than at peak
BROOKFIELD, Wis.–(BUSINESS WIRE)– Fiserv, Inc. (NASDAQ: FISV) today released an analysis of home price trends in more than 380 U.S. markets based on the Fiserv® Case-Shiller Indexes®. The indexes are owned and generated by Fiserv, a leading global provider of financial services technology solutions, and data from the Federal Housing Finance Agency (FHFA).
The double-dip in home prices that started in 2010 continued to take home prices lower this spring and summer. Single-family home prices dropped 5.9 percent in 2011 second quarter compared to a year ago, according to the national Fiserv Case-Shiller home price indexes. Prices fell in 340 out of 384 metro areas, with 302 metros hitting new home price lows. Fiserv projects that home prices across the U.S. will decline another 3.6 percent by the second quarter of 2012, before rising by 2.4 percent by the second quarter of 2013.