The U.S. housing market's move from boom mode to correction mode was so abrupt last year that economists at Zillow repeatedly saw themselves issuing sharp downward revisions for their 12-month home price outlook. In March, Zillow had been expecting home prices to rise 17.8% over the next 12 months. By December, however, that was slashed all the way down to a forecasted decline of 1.1%.
Zillow economists now believe they're done issuing downward revisions. In fact, they think the national housing market correction could be nearing its bottom.
