Housing Prices to Decline 5% to 7% More, Zillow’s Humphries Says

U.S. home prices will fall 5 percent to 7 percent more before a reaching a bottom in late 2011, said Stan Humphries, chief economist of Zillow Inc., a provider of housing data.

The backlog of homes in foreclosure is swelling the inventory of properties for sale, making buyers hesitant to enter the market, Humphries said in an interview today on Bloomberg Television. The inventory will be boosted further by properties that have yet to be foreclosed on, he said.