Core Logic Forecast Bottom in March 2010

Using pricing forecast, according to First American Core Logic, they see housing reach bottom in March of 2010. They're projecting that declines will continue throughout 2009 before hitting bottom in March 2010.

Furthermore, with the expiration of  home buyer's tax credit and the growing number of homes entering foreclosure process, the termination of credit and increase in foreclosure inventories will continue downward pressure on housing prices. Observation: without distressed properties (short-sale and foreclosure), the upward trend for regular sale prices projected to hit 1.7% vs. 3.46% for all types.

The forecast for our metro Washington DC area:

In Washington-Arlington-Alexandria, home prices, including distressed sales, declined by -5.28 percent in August 2009 compared to August 2008. This compares to July's year-over-year HPI -7.43% and June's HPI -10.35%. Excluding distressed transactions, year-over-year HPI for August is -4.84 percent, compared to July -6.15% and June -7.65%.

In August 2010, the index is projecting that 12-month appreciation for Washington-Arlington-Alexandria home prices will be 3.46 percent.

LoanPerformance August HPI for the Country's 10 Largest CBSAs:

Ranked by Current Home Price Appreciation	August 2009 12 Month HPI Change by CBSA		12 Month Forecast (August 2009 - August 2010)
CBSA	Single Family Combined	Single Family Combined Excluding Distressed	Single Family Combined	Single Family Combined Excluding Distressed
Houston-Sugar Land-Baytown TX	2.03%	-1.18%	1.35%	3.39%
Dallas-Plano-Irving TX	-0.12%	-1.50%	0.21%	1.55%
Boston-Quincy MA	-3.97%	-3.28%	3.03%	4.09%
Philadelphia PA	-5.22%	-4.97%	-0.83%	0.08%
Washington-Arlington-Alexandria DC-VA-MD-WV	-5.28%	-4.84%	3.46%	1.71%
Atlanta-Sandy Springs-Marietta GA	-8.22%	-5.66%	0.23%	-0.25%
New York-White Plains-Wayne NY-NJ	-11.72%	-9.01%	2.29%	2.61%
Chicago-Naperville-Joliet IL	-12.50%	-9.81%	4.15%	3.34%
Los Angeles-Long Beach-Glendale CA	-14.02%	-8.23%	6.29%	6.59%
Miami-Miami Beach-Kendall FL	-16.82%	-14.90%	6.14%	4.87%

Source: First American CoreLogic, LoanPerformance HPI, Single-Family Combined (Detached and Attached) as of August, 2009.

[via First American Core Logic]