Nashville Business Journal - by Eric Snyder
. ..Fiserv, Inc., owner of the Fiserv Case-Shiller Indexes, forecast today that Nashville-area home prices will continue to decline over the next year.
Through the second quarter, home prices in Nashville have dropped 0.6 percent compared to one year ago. By the second quarter of 2011, Fiserv is predicting that home prices will drop another 2.2 percent in Nashville. Long term, Fiserv forecasts that Nashville home prices will grow 0.9 percent between the second quarters of 2011 and 2012.
Nationally, home prices rose 3.6 percent in the second quarter, Fiserv said. However, that growth was supported by increases in high-priced markets like San Diego, Washington, D.C. and the San Francisco Bay area. According to Fiserv, prices fell in 70 percent of the 384 metro areas it tracks.
Like Nashville, Fiserv predicts that home prices will drop over the next year “in nearly all metro areas.” The Fiserv Case-Shiller Indexes forecast that average single-family home prices will fall another 7.1 percent over the next 12 months.
