Experts predict surge in US property prices
By Danny Bance

Experts predict surge in US property prices

Property prices in the US will begin a gradual recovery next year, with increases of 12.4 per cent likely to be seen between 2010 and 2014, experts have predicted.

The forecast has been made by housing analysts MacroMarkets, which also revealed that home prices nationwide are expected to have risen 4.9 per cent in the 12-month period to the end of March.

According to Robert Shiller, MacroMarkets co-founder and chief economist, not everyone surveyed shared the same optimistic view.

"There were a number of panellists more or less sanguine than average, some significantly so, and this reflects continuing volatility and risk in the US housing market," he explained.

"The survey results are important because they represent a consensus view among experts with rich and diverse knowledge."

Property investors in the US may be interested to hear that the number of foreclosed properties entering the market dropped for the first time in four years during April.

The statistics, released by RealtyTrac, show that the number of distressed properties available decreased by nine per cent.

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