DECLINING HOME PRICES

By
Real Estate Agent with Allen Tate Realtors, Fort Mill, SC

A report released yesterday by S&P/Case-Shiller the prices of single-family homes droppes 19% for the year.  This is a report for January 2008 thru January 2009.  Standard & Poor/Case-Shiller is one of the leading measure of U.S. home prices.

There were record rates of annual decline in 13 of 20 metro areas across the United States compared with rates from January 2008. 

Home prices that peaked nationwide in 2006 still continue to decline in 2009, according to the chairman of the Index committee.  As of January 2009, average home prices across the United States are similar to the levels to what they were in late 2003. 

In terms of annual declines, the three worst performing cities are Phoenix (down 35%), Las Vegas (down 32.5%) and San Francisco (down 32.4%), while Dallas, Denver and Cleveland had the best results in terms of annual decline: 4.9%, 5.1% and 5.2%, respectively.

Dallas is the least hurt (down 10.8%) if you look at the data from peak-2006 thru January 2009.   All 20 metro areas are in double digit declines from their peaks.

All of this information sounds very depressing, but if you are in the market to BUY then now would be the time.  If you are thinking of selling your home take into consideration the fact that while you may not sell for what you once could, you could certainly make up for that on the BUYING end.   There are some great deals and homes to be had right now. 

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