When August, 2010, rolls around, home prices in Toledo are expected to have finally stopped their lengthy ongoing decline and start appreciating by a half-percent, according to a forecast by a firm that tracks home sales activity.
That's better than the projected declines in values for homes across Ohio and Michigan, but not as good as the gain expected nationwide.
Homes in metro Toledo fell in price in August by 6.5 percent from the same month a year ago, but by next August will grow in price by 0.5 percent, according to First American CoreLogic, of Santa Ana, Calif. The firm, which tracks real estate data, said the figures exclude foreclosures and other distressed properties.
Statewide, home prices dropped 3.7 percent in August from a year earlier, and are forecast to drop 1.5 percent by next August, the report released this week shows.
Michigan home price problems are worse, decreasing 8.9 percent two months ago from a year earlier, and slumping another 7.3 percent by next August, the report said.
Nationally, CoreLogic's forecast calls for home prices to increase by a 3.4 percent by next August, after dropping 6.2 percent the past year.The company said that prices nationally will bottom out next March because of the economic rebound in lower-priced houses. It also predicts that prices in the nation's two most depressed markets, California and Florida, will show gains in excess of 7 percent by next August.
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