Home prices fell 3 percent in February of 2011 and are back to their May 2009 low.
Not surprising. We saw some great activity in buyers but not much competition for homes to drive pricing back up. Prices are still down about 8 percent compared with last year at this time. Adn we had the biggest drop among the 20 major metropolitan areas in the report by Standard & Poor's/Case Schiller.
"There is very little, if any, good news about housing," said David Blitzer, chairman of Standard & Poor's index committee.
What a surprise. I have heard of recoveries in other areas, but we remain seeing little of that here.
When I do BPOs, I do mention this in my reports. Sometimes, the investors "get it", but they, too, are tiring of the constant price pressure on property.
The theories of the impact of foreclosure are just that since Detroit, one of the worst hit markets was the only city tracked by the report to show an increase in values from January to February.
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