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Tuesday, January 25, 2011

Home prices fall in major US cities

I think as you see higher mortgage rates coming and stricter mortgage underwriting qualifications, the drop in prices will continue.
The Standard & Poor's/Case-Shiller 20-city home price index released Tuesday fell 1.6 percent in November from October. All but one city, San Diego, recorded monthly price declines.
Eight others sank to their lowest levels since prices peaked in 2006 and 2007: Atlanta, Charlotte, N.C., Las Vegas, Miami, Portland, Ore., Seattle, Tampa, Fla., and Detroit, which saw the largest drop at 2.7 percent from the previous month.
Millions of foreclosures are forcing prices down, and many people are holding off making purchases because they fear the market hasn't hit bottom yet. Many analysts expect home prices to keep falling through the first six months of this year.
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