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Foreclosures and Falling House Prices, Washington
FORECLOSURES AND FALLING HOUSE PRICES, WASHINGTON
 
Foreclosures are continuing to rise across Washington with no end in sight, and according to Barclays Capital, U.S. foreclosures will peak in the second half of 2010 with home prices continuing to decline through the end of that year.  According to S&P/Case-Shiller, U.S. home prices have dropped 33 percent since July 2006.  Amidst a growing number of discounted foreclosures, homeowners attempting to sell their homes are finding themselves trapped in a losing situation.  If the current trend continues, 2009 will become the lowest year for new-home sales since the Census Bureau began taking records in 1963.
According to Michelle Meyer, an economist at Barclays Capital in New York, "Home prices are likely to continue to fall, albeit at a slowing pace, even after the economy technically emerges from the recession."   Based on the S&P/Case-Shiller home price index of 20 U.S. cities, the prices of homes may drop another 7 percent, leaving thousands of Washington homeowners "underwater," owing more than their homes are worth on the market.  Nearly 22 percent of all mortgage holders in America were underwater in March 2009, while around 15 million homeowners currently owe more than the value of their homes.  ... more

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