CoreLogic more optimistic about Broward home prices

Sun Sentinel

The CoreLogic research firm is more bullish about Broward County home prices now than it was nearly three months ago.

The firm forecasts Broward prices to increase by 2.2 percent into the second quarter of 2014. In a report issued in August, CoreLogic raised some eyebrows by predicting Broward prices would drop 2.6 percent into the first quarter of next year.

The August report was one of the only forecasts calling for price declines in South Florida. Most analysts say price appreciation is waning but they don't see a decline anytime soon.

"I think the (CoreLogic forecasting) model is adjusting to the fact that it's been too pessimistic," said David Stiff, principal economist for the firm.

Florida still has a large inventory of homes in some stage of foreclosure, and the CoreLogic model expected Broward prices to dip once those homes hit the market for resale, Stiff said. But those properties still are working their way through the court system and may not have as big of an effect on prices as originally thought. 

Irvine, Calif.-based CoreLogic says Palm Beach County prices will rise 5.1 percent into the second quarter. In the earlier report, the firm projected a 0.6 percent increase into the first quarter.

This CoreLogic report is based in part on the Standard & Poor's/Case-Shiller home price index. By that measure, home prices in Palm Beach, Broward and Miami-Dade counties rose 13.5 percent in August from a year ago, Case-Shiller said Tuesday.

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