Forum

« How to Manage Radiator Heat Johnson Pocket Door Hardware »

September 25, 2007

This Crazy Real Estate Market

The housing market just got even uglier.

A decline in U.S. housing prices in July was the steepest drop in 16 years, according to the nationwide S&P/Case-Shiller home price index released this morning.

The downturn in the U.S. housing market has been blamed for creating turbulence in international money markets and has kindled domestic concerns about a possible recession. Federal Reserve policymakers cut short-term interest rates by half a percentage point last week in an effort to bolster economic growth.

Home prices were lower in 15 of 20 metropolitan areas, the report showed. A subindex of 10 metropolitan areas fell 4.5% in July, the biggest drop since July 1991. The largest declines over the past year were in Detroit; Tampa, Fla.; and San Diego. Seattle and Charlotte, N.C., had the biggest increases.

Home prices have fallen by more every month since the beginning of the year.

Posted by guest at 3:33 PM | Comments (5)
Categories: Mortgage

Comments

this is not news. where have you been?

Posted by: guest at September 25, 2007 3:49 PM

Actually it is news. The case schiller numbers were released this morning. Where have you been?

Posted by: guest at September 25, 2007 4:05 PM

Case schiller number were just released this morning - things do not look so good, thanks for sharing.

Posted by: guest at September 25, 2007 4:13 PM

All real estate is local. The number of coops in NYC (which will not allow purchasers without sufficient resources to buy) will keep the mortgage crisis from hitting here as hard as elsewhere. For once I appreciate those coop boards.

Posted by: dt at September 25, 2007 6:59 PM

I think if your looking to buy now for the next say 5 years, you won't see returns like the ones that peaked in 2005-06, but you should see some price appreciation.

If you bought in 05-06 and are looking to sell now, that might be a little problem.

Posted by: guest at September 26, 2007 11:35 AM

Post a comment

Please be patient while your comment is published. It may take a moment.