Integrated Asset Services (IAS) has shown that there has been a reduction of 0.2% in the price of residential property during the third quarter of the present year. In context of a general slowdown of U.S. economy, the figures indicate difficult times for home sales in coming months.
According to IAS 360 HPI (house price index) statistics home prices have shown a positive growth of 1.6% in the North Eastern regions of US due to independent gains in Washington D.C. and New York. As compared to this positive trend the prices in other regions witnessed a fall. In South HPI fell by 0.4%, in West it went down by 0.5% while in Midwest it plunged by 1.4%. However the hardest hit region was Las Vegas which experienced a decline of 27.6%. IAS has described this as the poorest performing region of US in quarter 03.
There are counties where home prices have fallen by as high as 50% over the last three years, according to IAS reports. Monterey County in California is the worst affected with home prices sliding down 41% over last year’s prices coupled with an additional fall of 3.8% in 3rd quarter of this year. Florida Lee County closely follows with a decline of 39% in the corresponding period with an added decline of 4.3% in Q3 of this year.
Ryan Tomazin, IAS president has reported that the housing crisis is yet from over as is reflected by data collected over the last year. According to him though the worst phase is over, it would take some more time for home prices to recover in view of the overall slow economic growth in United States. The president of this Denver based company was speaking on the revival of housing market. The trouble was compounded by robo-signing controversy investigations initiated by state attorneys general and federal officials.
Apprehensions arise because these investigations could result in slowing down of housing market caused by holding back of foreclosures by banks. As per statement issued by IAS, lesser foreclosures lead to fewer numbers of homes available for sale in the market thereby attracting few investors. Tomazin has rightly commented that the housing market is very fragile at this moment.
If your worried about foreclosure American Eagle Realty can help you with solid answers about your rights and options before your house is foreclosed on! We are experts in the Short Sale Process and have the experience needed to work with your bank! Contact us we can help, We have helped others we can help you...
American Eagle Realty
www.american-eagle-realty.com
502-969-1801
No comments:
Post a Comment