National home prices, driven lower by a flood of foreclosures, plummeted in the third quarter by a record 9% year-over-year, according to a report issued Tuesday.Are you missing the real estate bust?
The median price of a single-family home fell in four out of five states, the National Association of Realtors reported. The national median price was $200,500, down 2.9% from the second quarter of 2008.
A flood of foreclosures has driven home prices down. As many as 40% of all sales made during the three months that ended Sept. 30 were short sales pr properties repossessed by banks. These are eager sellers. The longer the banks hold the vacant homes, the more it costs them in maintenance, taxes and insurance.
Wednesday, November 19, 2008
NAR: Home prices down 9% year-over-year
According to the National Association of Realtors, single-family home prices fell 9% over the past year.
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First it was those pesky bloggers, boo!
ReplyDeleteThen, it was those foreclosures, caused by the bloggers, double boo!!
When will they realize it was an oversupply brought on by cheap money and over-incentivization with taxes that caused the bubble?
Chuck - never! :)
ReplyDeleteHere in Canada we are also "enjoying" decline. Prices are down around 10% in Toronto, on the other hand, no panic occurs, stock grew a bit (30% maybe), but now it is stabilized. And the main thing - foreclosures and short sales are still not very well known terms here! So I believe we will get over soon.
Wish you good luck and revitalization soon!
Julie