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U.S. home prices fell 11.4 percent in January

By Sam Sams

Services for Real Estate Pros

March 25, 2008 02:46 AM

A widely watched index of U.S. home prices fell 11.4 percent in January, its steepest drop since data for the indicator was first collected in 1987.

Cities that showed double-digit percentage losses were Phoenix (18.2), San Diego (16.7) Los Angeles (16.5), Detroit (15.1), Tampa (15) and San Francisco (13.2).

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Michael (Mike) Elliott

Nottingham Real Estate Group - Hamilton, NJ

so what does that mean for local markets? seriously, it makes no difference in my town

Mar 25, 2008 02:50 AM

Bill Exeter

Exeter 1031 Exchange Services, LLC - San Diego, CA

1031 Tax-Deferred Exchange Expert

Hi Darrell,

It creates some great buying opportunities! We are beginning to see buyers jump into the market. Our 1031 exchange volume last month (February) was up slightly and is actually somewhat robust for March. I think we saw the bottom in February, but we still have some volatility and declining prices to go, but the buyers are starting to recognize there are bargains out there.

Mar 25, 2008 02:53 AM

Sam Sams

Richardson, TX

I know it helps me as an investor. I have purchased two houses in the last 4 months that are making me money. I paid a quite a bit less than the original asking price which allowed me to make about $500 profit per house on a lease program per month. I guess it depends on what your looking for in the market. I hope the housing market comes back strong so I can sell in a couple of years and turn a good profit on the houses. I know that prices on homes in the Dallas Texas market have dropped.

Mar 25, 2008 02:57 AM

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