Quote of the day: Look to 2012

“We expect prices to drop for another year and then stabilize before starting to rise with incomes.”

Standard & Poor‘s chief economist David Wyss, talking to Business Week and MSNBC about the future of home prices. (Hat tip to The Real Deal.) According to the article, Moody’s Economy.com predicts the S&P / Case-Shiller U.S. National Home Price Index will fall 16 percent this year before regaining ground. The market may return to normal in 2012, just in time for the arrival of all those fractal timewaves, cosmic alignments and universe-ending calendar changes.

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