Monday, June 23, 2008
NEW YORK - Single-family home prices has plunged by 7.7% in the first quarter in the largest year-over-year decline since the National Association of Realtors (NAR) began reporting prices in 1982.
The median sales price fell to $196,300, down 4.8% compared with the last three months of 2007. Lawrence Yun, the chief economist of NAR, attributed much of the record decline to liquidity problems dragging down high-priced markets.
"These are highly unusual results because there were very few jumbo loan originations in the latest quarter," he said. "So sales are much slower in high-cost areas." Yun said.
posted by nisha
@ 4:25 AM
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Sunday, June 15, 2008
The housing crisis has gone worst this May 2008, as more than 73,000 families across U.S lost their houses to bank repossessions. This had gone up by 158% from the 28,548 households which were dispossessed in May 2007. Foreclosure filings of all types such as default notices, bank repossessions and notices of sheriff's sales were up by 48% since 2007 May, according to a recent release from an online marketer of foreclosed properties. Filings have also gone up by 7% from April.
"May was the 29th straight month we've seen a year-over-year increase," according to the online marketer. The report follows months of increasing gloomy housing market conditions with house prices, existing sale of homes and new housing starts all plummeting! It is also known that there is a record of 14.1% decline in national home prices for nearly a year ending in March 31; while April's existing sales were down 17.5% year over year.
posted by nisha
@ 9:38 PM
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