More than one in five U.S. homeowners expect their home to fall in value in the coming year, a Reuters-University of Michigan consumer survey said on Friday.
The survey found 21 percent of the 1,168 surveyed see a fall in prices, with those heavily concentrated in areas that have already seen values decline, the survey's director Richard Curtin said in a statement.
Even homeowners that expect gains in prices over the next five years are becoming less optimistic, the survey said. The 60 percent that expect higher prices see a mean increase of just 2.9 percent, which is down from 3.9 percent six months ago and fails to keep pace with inflation.
Survey results "indicate a broader and more lasting slump in home prices, and as a result, the data also points toward broader and deeper cuts in spending," Curtin said.
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