Saturday, May 7, 2011

Home Prices Sink Below the 2009 Recession's Lowest Level

Nationally, home prices have sunk below their previous low, set back during the recession in 2009, Clear Capital reports.
April home prices were .7 percent below levels last reached in March, 2009, the latest milestone in a now months-long slide in real estate values, the research firm notes.
Of course, the last time prices were headed south, in the aftermath of the global financial crisis in the fall of 2008, we saw a panicked Congress and real estate industry rush through the home buyer tax credit, which artificially buoyed sales and prices.
This time around, there's no home buyer tax credit to bail things out and lots of downward momentum to keep prices falling in the coming months.
CLICK ON graphs to make them larger:

The full story is HERE.
The Related Market Report with graphs and Data is HERE.


Revolution 2012 said...

I'm not surprised here.

I've seen an increase in For Sale signs in my area. Also several more pages in the local newspaper dedicated to foreclosures.

Things are not looking good.

Anonymous said...

I wasn't kidding when I mentioned how bad the economy in Arizona is right now! The devastation around here is bad enough to give an edge to the Republican challenger, whoever he/she is. However, I think Mitt's economic credentials will play very well here. People are continuing to walk away from their homes, driving home prices further and further down. I keep hoping that the market has bottomed out, but I was just thinking that this second round of home foreclosures may drive prices down more. It looks like I was right.