Wednesday, May 28, 2008
Home prices tumbled across U.S at a sharpest rate in two decades during the first quarter; national house price index fell to 14.1% in the first quarter when compared with to last year, the lowest since its inception in 1988. The quarterly index covers all nine U.S. Census divisions.
Prices nationwide are at levels not seen since the third quarter of 2004; however the index is still up 60% versus 2000. Two narrower indices set record declines in March versus the previous year. The 20 city index dropped to 14.4%, the lowest since that index was started in 2001. The 10 city index plunged to 15.3%, a record in its 20 year history. Nineteen of the twenty metro areas reported annual declines, with 15 of them posting record lows and six metro areas lost more than 20%.
Worst performance was in Las Vegas during March, dropping to 25.9%, it was followed by Miami and Phoenix. Only Charlotte, N.C., stayed above water, gaining less than 1% over the previous year. Last week, the Office of Federal Housing Enterprise Oversight said house prices fell to 3.1% in the first quarter, the largest drop in its 17 year history.
Prices nationwide are at levels not seen since the third quarter of 2004; however the index is still up 60% versus 2000. Two narrower indices set record declines in March versus the previous year. The 20 city index dropped to 14.4%, the lowest since that index was started in 2001. The 10 city index plunged to 15.3%, a record in its 20 year history. Nineteen of the twenty metro areas reported annual declines, with 15 of them posting record lows and six metro areas lost more than 20%.
Worst performance was in Las Vegas during March, dropping to 25.9%, it was followed by Miami and Phoenix. Only Charlotte, N.C., stayed above water, gaining less than 1% over the previous year. Last week, the Office of Federal Housing Enterprise Oversight said house prices fell to 3.1% in the first quarter, the largest drop in its 17 year history.
posted by Real Estate Agent @ 3:36 AM permanent link | Post a Comment | 0 comments 
Friday, May 9, 2008
WASHINGTON - The percentage of unoccupied houses on sale in U.S have set a new record high in the first quarter of this year. The Census Bureau report showed that 2.9% of United States homes, excluding rental properties; were unoccupied / vacant and are up for sale, compared with 2.8% in the fourth quarter of 2007. It was the highest quarterly number in records going back to 1956, which works out to 2.28 million properties, up from 2.18 million in the same quarter last year, according to the report.
United States had the biggest gain in vacancy rates among home owners, climbing to 7 percent during Jan to Mar period from 6.5 percent in the fourth quarter of 2007. Vacancy rates fell in the Midwest and South, but climbed in the Northeast. The national vacancy rate, including existing and new houses, has been steadily increasing since mid-2005. The Census Bureau's report also said that the U.S. homeownership rate continued to be at 67.8% in the first quarter, down from a peak of 69.2% at the end of 2004. The housing market's five year boom is quickly becoming a faint memory, as sales and house prices have dropped dramatically over the past two years in once fast selling areas such as Nevada and California.
United States had the biggest gain in vacancy rates among home owners, climbing to 7 percent during Jan to Mar period from 6.5 percent in the fourth quarter of 2007. Vacancy rates fell in the Midwest and South, but climbed in the Northeast. The national vacancy rate, including existing and new houses, has been steadily increasing since mid-2005. The Census Bureau's report also said that the U.S. homeownership rate continued to be at 67.8% in the first quarter, down from a peak of 69.2% at the end of 2004. The housing market's five year boom is quickly becoming a faint memory, as sales and house prices have dropped dramatically over the past two years in once fast selling areas such as Nevada and California.
posted by Real Estate Agent @ 12:48 AM permanent link | Post a Comment | 0 comments