By AnnaMaria Andriotis
In another sign the housing downturn may be far from over, home prices in several cities are hitting new lows as sellers unload homes at bigger losses than a year ago.
Home values fell for the sixth straight month in February, according to new figures released this morning from the S&P/Case-Shiller Home Price Indices. Nationally, home prices are down 3.5% from a year ago. But some cities are posting much bigger losses, with nine metro areas recording new post-crisis lows. Atlanta prices, for instance, have dropped 39% from their market peak and homes are selling at 1996 levels, while Chicago prices are back down to 2000 levels. Experts say the new round of losses suggests more trouble may be ahead for the overall housing market. “We’re at a critical turning point where we’re wondering if we’re going to recover or if there will be a second round of weakness,” says Brad Hunter, chief economist at Metrostudy, a housing market research and consulting firm.
Several factors have contributed to the latest price drops. Experts say that extended high unemployment in some cities, like Atlanta and Chicago, has weakened buyer demand and increased foreclosures that, in turn, have dragged down the values of surrounding homes. Separately, more distressed homes are coming on the market as banks try to sell the homes they repossessed. Most of these homes are selling at a discount — 29% lower than non-distressed homes according to RealtyTrac.com, which also lowers home prices.
To be sure, some cities are showing improvements. Home prices in five metro areas — Denver, Detroit, Miami, Minneapolis and Phoenix — rose slightly from a year ago, according to the S&P/Case-Shiller report.
But experts say it’s unclear when the following cities will bottom out. As a result, would-be sellers who purchased their homes less than a decade ago are unlikely to earn much of a return – and may not even earn back what they paid for it. Those who can no longer afford to pay their mortgage have little choice but to sell, but experts say those who can afford to stay put may want to hold onto their homes until their local housing market improves.
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Do hou like belly button rings? ChaCha Answer: Belly button rings do look cute. With a semi-quickly healing piercing with usually lit…
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Belly button rings do look cute. With a semi-quickly healing piercing with usually little complications, ChaCha says go for it.
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by Matt Andre M.
– 576 days ago at 8:28am on May 11 2011
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About Belly Button
The belly button is a scar on the abdomen from where the umbilical cord is removed at birth. On humans, the scar can appear as a depression, otherwise known as an innie, or as a protrusion, otherwise known as an outie. Besides being able to be sorted into these two categories, belly buttons can vary in size, shape and depth from person to person. Because belly buttons are scars, they are not defined by genetics. They can be useful for telling identical twins apart when there are no other identifying marks.
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This is a good thing that home values are falling. The economy is making corrections, but I am sure glad I am not a real estate agent. They are going to be an endangered species. When are we going to see a reduction in the property taxes with the market value of real estate falling?
You mentioned unemployment being high in Atlanta and Chicago at 9%, but failed to mention that unemployment is astronomically high in Las Vegas at 12.3%. Think that may have SOME effect on the Las Vegas housing market?
You know what, this is great news. People who got a job will finally buy a house for a good price, or maybe two for some cash flow.
Home prices are still a bubble compared to historic norm. According to case shiller index, we are still 20% above long term averages. Typical bottom comes at 20% below average. But this is not your typical recession. This is a deflationary crash. This is Great Depression material. There will come a time when QE3, 5, or 10 will not help. If Bernanke prints too much, lenders will refuse to lend at low rates. That will be deflationary for housing while price of food, gas goes up. These averages themselves are based on a money supply that was inflated by borrowing for many decades. When the money supply (credit) deflates, existing prices and salaries cannot be sustained:
http://www.kondratieffwavecycle.com/housing-bubble-bust/
Whatever you do, do not get into debt. If you want to buy, buy cash down. Even if prices do not fall, in many cases, rent is cheaper if you consider mortgage interest, property taxes, condo fees, maintenance, lost interest/investment income…