This is an ongoing battle I have with the national news media. They say 'bad news sells' but please be more balanced.
According to First American CoreLogic, 31 states actually had price increases over the past 12 months in their latest survey which includes 7,462 zip codes and 662 counties in all 50 states. Because of the comprehensive nature of this report, the latest survey covers November 2006 - November 2007. The press release can be found here Link.
I am not trying to minimize the problems many of us face with decreasing equity, tighter underwriting guidelines and interest rate adjustments. No one benefits when a family loses their home. But it is frustrating to hear the news media bash your industry to the point where many people believe home prices are falling everywhere and 10% of all loans are in foreclosure - NOT TRUE!
As I said in an earlier post (Home Prices - what happens in Vegas, stays in Vegas), Real Estate is a micro-economic phenomenon. The home prices in your neighborhood are not affected by what happens in my neighborhood (unless you live in a certain part of San Jose). As you listen/read the news, just remember that home prices are going up in many parts of the country. If they are lower where you live now than last year, take heart - mine is too ....
just hang in there.
Joe Patterson
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