Housing Prices Falling Slower
Mike Colpitts
October 19, 2009
Housing price deflation is slowing from its record pace in the majority of the worst hit markets, according to a new report by Housing Predictor. The financial crisis turned the housing market into a mess, but stabilizing factors in many areas are demonstrating improvements.
After nearly five years of record setting housing appreciation throughout the country, and the biggest bust in decades housing prices are falling slower. Miami, Florida as forecast turned into ground zero in the nationīs real estate bust, followed by markets in Californiaīs Inland Empire, where the inventory of homes for sale has dropped due to a lack of foreclosures.
California is the hardest hit state in falling home values in the nation followed by the other Sunshine State, Florida, where the foreclosure market and other bank distress sales account for the majority of sales. Prices arenīt falling at as fast of a rate in Orlando or Miami, where bankers are selling off homes and condos at bargain prices.
A bill in the U.S. Senate to extend the first time home buyers tax credit and expand it should provide a measure of relief for the troubled housing market.
After four years of declining home values in many areas of the country, markets are showing signs of improving. Rebounds are typical of the cyclical nature of real estate. But since Wall Street developed new products to artificially inflate markets with mortgage lenders, the recovery is widely anticipated to take much longer than others.
Many of the nationīs largest investment houses, mortgage companies, banks and real estate firms consult Housing Predictor forecasts. The company was the first real estate research firm to forecast the foreclosure epidemic and the national housing depression. Housing Predictor forecasts more than 250 local real estate markets in all 50 states and offers real estate news, and analysis on the housing market at http://www.housingpredictor.com
After nearly five years of record setting housing appreciation throughout the country, and the biggest bust in decades housing prices are falling slower. Miami, Florida as forecast turned into ground zero in the nationīs real estate bust, followed by markets in Californiaīs Inland Empire, where the inventory of homes for sale has dropped due to a lack of foreclosures.
California is the hardest hit state in falling home values in the nation followed by the other Sunshine State, Florida, where the foreclosure market and other bank distress sales account for the majority of sales. Prices arenīt falling at as fast of a rate in Orlando or Miami, where bankers are selling off homes and condos at bargain prices.
A bill in the U.S. Senate to extend the first time home buyers tax credit and expand it should provide a measure of relief for the troubled housing market.
After four years of declining home values in many areas of the country, markets are showing signs of improving. Rebounds are typical of the cyclical nature of real estate. But since Wall Street developed new products to artificially inflate markets with mortgage lenders, the recovery is widely anticipated to take much longer than others.
Many of the nationīs largest investment houses, mortgage companies, banks and real estate firms consult Housing Predictor forecasts. The company was the first real estate research firm to forecast the foreclosure epidemic and the national housing depression. Housing Predictor forecasts more than 250 local real estate markets in all 50 states and offers real estate news, and analysis on the housing market at http://www.housingpredictor.com
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