DENVER -- What's considered normal in light of the housing downturn? Home price appreciation of 3% to 5%, 1.6 million household formations a year, and a 65% homeownership rate, according to three economists who offered their housing outlooks Friday at the annual National Assn. of Real Estate Editors conference.
Major take-away: “The bottom will be as equally dramatic as the recession has been,” said Stan Humphries, Zillow’s chief economist. Housing sales and price changes will vary considerably by geographic market and within those markets. Los Angeles will see a 0.9% uptick from March 2012 to March 2013. Zillow forecasts Chicago will see a 3.8% drop in that same period.