A survey conducted on behalf of Zillow in August and September has found that the majority of economists in the survey are increasingly optimistic that home prices will continue to rise steadily over the next four years.
From Realtor Magazine: “The economists surveyed expect home prices to rise 2.3 percent this year over the fourth-quarter of 2011, according to the survey conducted on behalf of Zillow. In 2013, they expect prices to rise 4.7 percent; 8 percent in 2014; 11.4 percent in 2015; and 15.2 percent in 2016.”
The survey also reveals that more than half favor the elimination of mortgage interest tax deduction.
The optimism is a very good sign that we’re on the road to recovery. Stan Humphries, Zillow's chief economist, says "It's refreshing to see this optimism at a time when the market seems to be making an organic recovery, in the absence of an artificial stimulant like the tax credits."