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Tuesday, February 22, 2011

Foreclosure sales weigh down home prices in 23 markets

This decreased in homeprices is also caused by higher mortgage rates and stricter lending underwriting standards.  It's not just the volume of foreclosures.
The biggest losers were Atlanta, Chicago, Las Vegas, Orlando and Phoenix — all of which experienced double-digit declines in the last month of 2010.
The big gainers were San Diego, Los Angeles and San Francisco, which experienced price jumps of at least 5% on a year-over-year basis in 2010.
Significant home price declines are reflective of a burgeoning foreclosure market where distressed properties represented 26.8% of total home sales in the fourth quarter of 2010. But FNC says there's a silver lining when considering the fact that more foreclosure sales are expected this year
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