by Wolf Richter
And this, after years of being unwaveringly bullish in its housing market predictions.
CoreLogic, which owns the Case-Shiller Home Price Index, released its monthly “Home Price Index Forecast” this morning, based on the Case-Shiller data. After years of being bullish about home prices, CoreLogic suddenly turned bearish.
It forecast that prices of single-family houses, including distressed sales, would begin dropping on a month-to-month basis with the June reading – it just released its May reading, which was up 4.8% year-over-year – and that prices, as tracked by the national Home Price Index (HPI), would be down 6.6% year-over-year by May 2021.