Housing Recovery? It’s Going to be a While

RealtorMag says home prices may not return to their peak of 2007 for ten years, especially in Nevada, California, Florida, and Arizona, according to analytics firm Fiserv. Noting average prices fell a full one third from 2007 to 2012 across the nation, Fiserv predicts prices will rise 3.7 percent a year for the next five years, but that will still leave them 20 percent below peak. In some areas like West Virginia, Texas, and South Dakota prices have already edged higher. As MHProNews has learned, due to the devastating flooding of the Souris River last year and the oil boom which have combined to create a housing shortage, North Dakota has seen prices rise 17.7 percent in the last five years.

(Image credit: HousingWire)

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