Price continue to fall in the the bubble markets across the United States. The growing number of foreclosures, tighter lending standards, large inventory, weak home sales and rising mortgage rates are pushing prices down.
The Washington, DC area continued to experience price declines. According to the Case Shiller Housing Index prices declined 15.4% between May 2008 vs. May 2007 in the Washington, DC area. The monthly price decline was 1% for May.
The housing bust is not over.
Tuesday, July 29, 2008
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