US Home Prices Still Dropping
US Home Prices Still Dropping
The S&P / Case-Shiller index of US home values was released Tuesday, and showed home prices dropped last year significantly indicating the nation's housing market is lagging behind the broader economy in terms of a recovery.
The index, which analyzes prices in the nation's 20 largest markets, fell 2.4 percent, the largest year-to-year drop in the measure since December 2009. The decrease also outpaced economists' average projection, which called for a drop of 2.3 percent.
Analyst expect a significant increase in foreclosures this year as banks resume normal foreclosure proceedings following the robo-signing scandal. This would apply even more downward pressure on prices. With the nation's unemployment rate hovering stubbornly above 9 percent and further struggles for the nation's housing market, the Federal Reserve decided recently to stay the course with its $600 trillion asset purchase program designed to spur the economy.
The massive shadow inventory of foreclosed properties is expected to land on the market in coming months and some analysts say prices could drop as much as another 25 percent in some areas.
The S&P / Case-Shiller index of US home values was released Tuesday, and showed home prices dropped last year significantly indicating the nation's housing market is lagging behind the broader economy in terms of a recovery.
The index, which analyzes prices in the nation's 20 largest markets, fell 2.4 percent, the largest year-to-year drop in the measure since December 2009. The decrease also outpaced economists' average projection, which called for a drop of 2.3 percent.
Analyst expect a significant increase in foreclosures this year as banks resume normal foreclosure proceedings following the robo-signing scandal. This would apply even more downward pressure on prices. With the nation's unemployment rate hovering stubbornly above 9 percent and further struggles for the nation's housing market, the Federal Reserve decided recently to stay the course with its $600 trillion asset purchase program designed to spur the economy.
The massive shadow inventory of foreclosed properties is expected to land on the market in coming months and some analysts say prices could drop as much as another 25 percent in some areas.
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