The latest housing headline has the same message as those in previous months, but this one can be considered a record on the housing prices timeline. Prices fell by 8.2 percent in February, the most in a one month period since 1968 when the recording of housing prices started. With a median price of $195,900, buyers with good enough credit to get new loans are cashing in on the down-market.
Meanwhile, those on the selling side are starting to see some demand for their homes, as sales of previously owned homes rose in February for the first time in seven months. The renewed activity is a good sign, because it's reintroducing the necessary demand side to the troubled homeowners' supply, but many owners could still be facing a road leading to foreclosure. Chief economist at Northern Trust, Paul Kasriel explained, "As house prices fall sharply, that can force more people into default, especially those who bought late in the cycle who owe more on their houses than their homes are worth."
Derek Lam
Not surprising. We do have to keep in mind that certain states in the nation have steady housing sales as opposed to other states that are in a serious housing crisis and homes are losing value dramatically. I have a friend who has a home in Florida and hasn't been able to sell her home. Her home was on the market for a year!! She finally gave up and decided to rent it out.
1I wish me and hubby were ready to buy a house right now... totally a buyer's market..
2The house prices where we live seem to be coming down which is good for us since we want to buy a home.
3"I wish me and hubby were ready to buy a house right now... totally a buyer's market.."
me too, me too.
4I just wonder how long it is going to be until the prices go back up. I am hoping to sell my home in the next year-two years.
5Is this really surprising? Homes were so over priced it was pathetic. I couldn't believe how many people bought homes that weren't worth half of what they were selling for. No surprise that people who had homes selling for over a million dollars now have them priced at $600,000.00 or less.
6I really wish I could buy a house now. Darn!
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