Zillow Economist Sees More House Price Declines

Seattle, WA, Dec. 28, 2010 -- House prices in the U.S. will probably fall 5-7%  before a reaching a bottom late next year, said the chief economist of Zillow Inc., a provider of housing data.

Stan Humphries said the backlog of homes in foreclosure, in addition to the likelihood of more foreclosures, is making buyers hesitant to enter the market, Humphries told Bloomberg News.

“Supply is just overwhelming,” Humphries said. “We are tripping over houses in this country right now.”