Prices in U.S. households To put New Low
One of the most important sectors of the U.S. economy is housing, and now real estate prices in major cities are slipping. The S & P / Cas-Shiller national house price index release of 5/31/11 reveals that house prices are now at its lowest level since 2002. They fell 5.1 percent from a year earlier and 32.7 percent from its peak in 2005. Another S & P / Case Shiller-Index tracking 20 major cities showed a general decline in house prices in March.
The only city in that group to show a profit was Washington, DC, where prices rose 4.3 percent. All cities studied showed a fall in prices. Some of the most affected as Phoenix, which dropped by 8.4 percent, Portland, Oregon, which fell 7.6%, Minneapolis, down 10 percent and Chicago, which fell 7.6 percent.
As prices existing homes sales falling, the construction of new homes has slowed, affecting the labor market and the economy as a whole. Analysts say that when a $ 300,000 home will build a new, adding $ 300,000 to the economy, measured by GDP.
As the prices of existing homes sales falling, construction of new homes has slowed, affecting the labor market and the economy as a whole. Analysts say that when a $ 300,000 house is built one new, $ 300,000 is added to the economy measured by GDP.
1) Youngstown, Ohio, where the median home price is $ 55,000
2) Lansing, Michigan, $ 64,000
3) Toledo, Ohio, $ 64,900
4) South Bend, Indiana, $ 68,700
5) Akron, Ohio, $ 74,900
6) Ocala, Florida $ 75,400
7) Dayton, Ohio, $ 78,000
Cumberland, Maryland, $ 80,700
9) Grand Rapids, Michigan, $ 81,100
10) Decatur, Illinois, $ 81,300
Pricing has not been a steady decline since the recession began. In mid 2009 the housing industry saw a recovery modest about 5 percent of the price losses in the past. The home buyer tax credits were responsible for this little recovery. Unfortunately, effects are dropped as soon as the facility matures in April.
Analysts blame the situation on the unemployment remains high, an increase of foreclosures and distressed home sales. Following the Great Depression, the percentage of Americans actually own a home fell 66.4 per percent in the first quarter of this year, says U.S. Census Bureau. The peak was 69.2 percent in late 2004. They say the homeowner rates are found in 1998 levels and no one is optimistic about the immediate future, as home sales late. Most experts agree that the rate of Americans who are owners of their homes fall further in the short term. The S & P / Case Shiller index-controlled 20 major cities shows a drop to lows of new recession.
No surprise that the current number of foreclosures, along with two or three million are expected to occur in the coming months is what is the main cause of lower prices. Moreover, the number of foreclosures is having a negative effect on the actions of some who may have thought about buying a new home. It is said that nearly a third of people know someone who was forced into foreclosure, he had to do a short sale or had to request a loan modification.
In addition, many foreclosed homes have now been recovered in poor condition because no one was around his maintenance, which can also reduce the total value of surrounding homes. So when things get better? Hopefully other sectors of the economy, employment and consumer spending will improve, eventually pulling the housing market up as well.
Growing areas such as southern California have obtained best results. San Diego new homes are stable, even taking into account the incentives constructor. Part of this can be attributed to the fact that the areas with the lowest unemployment rates are more buyers who can qualify for loans housing, so demand is greater.
69. Trade the News – Existing Home Sales Index
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