Home Value Depreciation is Slowing
Nation wide it seems like the drop in home values is slowing. According to a recent Standards and Poors report on home values, 18 of the 20 index cities lost less value over th last quarter than in previous quarters.
In looking at the chart the most critical piece of information I see is data out of Cleveland and Chicago. Both large mid western centers show a significant slowing in depreciation compared with previous quarters and in aggregate if you look at those as leading indicators for the region our decline may be slowing as well. We have reported before on Cincinnati real estate price trends and this is another report that makes us confident that the overall depreciation will most likely end with the calendar year especially if the summer sales season sees absorption of some of the foreclosed properties currently on the market.
Tags: cinciinati real estate, home value, price
America’s Home Value Depreciation is Slowing…
The home value devaluation may be coming to an end as 18 of 20 major cities see their home devaluation slowing locally….
[...] Home Value Depreciation is Slowing [...]
How much is your home worth? Well, it all depends where you live.
The real estate market is still shaking. New data suggests that home prices have hit a new record low. In every new study that comes out, homeowners from Miami, to Las Vegas, Phoenix and Los Angeles, have seen their home value go lower every time.
Is that disappointing? Of course it is.
Should we sell? Is not a good time.
Should we stick to it? Yes, if you can.
Have we hit bottom? Nobody knows.
Banks are facing their worst foreclosure crisis.
Don’t take me wrong, it’s good if you are in the market to buy a home for yourself or if you are an investor, but if you are not, and you own a home, most likely the value of your property is down at least 15 %.
Why do banks care if you are loosing your home? By having to sell repossessed homes, banks have to literally slash their prices down. It gets very costly for them, after all, they have to pay property taxes, maintenance costs, and whatever utilities that need to be paid, all of this expenses for a house that it’s just sitting there, vacant, and the bank is getting nothing in return.
The latest study by the S&P/Case-Shiller Home Price Index of 20 cities, revealed the news that for 22 consecutive months home prices dropped. Only from April to May, 2009 the decline was of 0.9 %