Home prices won’t hit the bottom until early next year, superstar Barclays economist Michelle Meyer told Maria Bartiromo on CNBC today.
While there have been several signs that housing is beginning to turn, prices won’t rise until next year. Foreclosures are still a big hurdle to a recovery in housing because they keep adding to the stock of housing inventory on the market.
“We think we’re going to see a wave of foreclosures continue to flood the market,” Meyer said. “In our view home prices have not bottomed yet. We’re looking for national home price to slip a little bit lower, bottoming sometime early next year.”