This entry was posted
on Wednesday, December 31st, 2008 at 8:58 am and is filed under find thousands of home foreclosures Foreclosures.
You can follow any responses to this entry through the RSS 2.0 feed.
Responses are currently closed, but you can trackback from your own site.
More Resources:
How to invest in Athens foreclosure homes, how to find Gilbert foreclosed homes, how to get the most out of Bella vista foreclosures, how to buy Evans real estate foreclosures, search for Modesto foreclosure properties, how to find Naugatuck real estate foreclosures, learn how to invest in Port saint lucie foreclosure, all you need to know about Douglasville foreclosure properties, find cheap Indianapolis real estate foreclosures, search and buy from our Bardstown foreclosure homes, how to make the best real estate deals with Westwego forclosures, Search and find Hagerstown foreclosed homes, investing in cheap Lansing foreclosure, how to find bargains Springfield bank foreclosures, great real estate bargains with Rio rancho foreclosed homes, buy cheap Ozone park bank foreclosures, how to find thousands of Bridgeton foreclosure list, learn how to invest in Kannapolis foreclosures, become a real estate investor with Oklahoma city foreclosure listings, find thousands of Columbia foreclosed homes, search and invest in Columbia foreclosure properties, make the most out of Garland real estate foreclosures, become a real estate investor with Washington foreclosure properties, how to invest in Centreville foreclosure list Bank Foreclosure Foreclosure Homes Foreclosure Listings foreclosures in California foreclosures in indiana foreclosures in Michigan foreclosures in Texas foreclosures in Missouri foreclosures in North Carolina foreclosures in New York
The median price of U.S. home resale plunged to an unprecedented 11.3 percent to 183,300 from 2007, and is expected to continue decreasing over the next few months due to worsening credit conditions and foreclosure properties. This is the biggest decrease on a year-over-year basis since records in 1968 began. According to The National Association of Realtors, resale fell 3.1 percent in October to a yearly rate of 4.98 million units.
The Midwest has been leading falling home prices with a 6 percent drop. This is followed by a 3.2 percent fall in the South, a 1.6 percent drop in the West, and 1.2 percent decrease in the Northeast. In total, resales have plunged at a rate of 4.96 million this year. Experts predict a resale decrease to a national annual rate of 4.5 million to 5.2 million.
Meanwhile, the resale of single-family homes dropped 3.3 percent to a 4.43 million annual rate, while condominium and co-op resale decreased 1.8 percent to a rate of 550,000.
The problem has not been helped by increasing number of repossessed houses. According to foreclosure tracking firm RealTrac Inc., falling home prices have increased foreclosure filings to 25 percent last October compared to 2007.
U.S. homebuilders have also been affected greatly by increasing foreclosures. Figures show a 65 percent drop in home construction in October from a high in January 2006. Building permits have also fallen to its lowest since records began in 1960.
Stuart Miller, chief executive of the second largest U.S. construction firm, Lennar Corp. declared that foreclosures are dominating the homebuilding world and are more intense than in the past.
With the worsening housing scenario, it is unlikely that home resale will increase. Chief U.S. economist Maxwell Clarke from the New York-based IDEAglobal says that even more homes are expected to foreclose. Couple this with the already large number of homes on the market, and the possibility for improving housing market conditions seems nil.
HUD Fair Housing Equal Opportunity