Where home prices are falling dangerously
Not long ago it looked like the housing market was on the mend in most major U.S. metropolitan areas. But now prices are falling fast again in many. Foreclosures and vacant homes lingering on the market are depressing prices, and the home buyer tax credit that expired in July is sorely missed.
In September home prices fell in 18 of the 20 metro areas tracked by Standard & Poor’s Case-Shiller composite home price index. That was worse than August, when 15 of the top 20 cities were down month-over-month.
“There is a massive supply of houses on the market,” states David Blitzer, chair of the index committee at Standard & Poor’s. “And further, hidden supply due to delinquent mortgages, pending foreclosures or vacant homes.”
Forbes.com slide show: Where home prices are falling dangerously
Zillow’s real estate research unit agrees that home value depreciation began to accelerate again in September across the country; in a new report it projects that U.S. homes will turn out to have declined in value by a total of $1.7 trillion in 2010. Even the biggest cheerleaders for residential real estate are pessimistic. The National Association of Realtors recently predicted that home owners could anticipate little, if any, increase in home values nation-wide in 2011.
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In Portland, Ore., where the economy has performed poorly and private-sector job growth has been tepid, housing prices fell by 1.9% in September and are down 3.6% in the last year. In Dallas, the town’s football team is not the only thing sinking this fall. Home prices in Dallas fell by 1.6% in September after sliding 1.2% in August.
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Where Home Prices Are Falling Dangerously - Yahoo! Real Estate
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Submited at Monday, December 20th, 2010 at 12:00 pm on News by samantha
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