Housing market to finally hit bottom in 2012?
That's the latest prediction from Freddie Mac chief economist Frank Nothaft.
He see's home prices dropping another 1 percent across the country in 2012, followed by a 2 percent jump in 2013.
Mortgage rates will stay low through at least the middle of next year, Nothaft contends.
Of course, in the end, all real estate is local, as Nothaft notes in this quote I am lifting from the Freddie Mac press release.
"Some markets have appreciated over the past year and are likely to gain further in 2012, while those markets with higher vacancy rates and relatively large distressed sales will continue to see downward price pressure over the next year."
Nothaft doesn't delve into specific markets, so I will localize the story, to borrow a phrase from the news business.
In Greater Boston upscale suburbs and neighborhoods are likely to continue to gain altitude, while everyone else muddles through.
That's my great prediction - what's yours?
