Typically the High-End housing market tends to be more stable throughout economic downturns, however in addition to the the huge hit wealthier Americans have been taking in the stock market they have also noticed huge losses in their home values.
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According to the National Association of Realtor’s Pending Home Sales Index, which is based on new contracts signed, new home sales went up 6.3% in the month of December from the previous month.
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According to the Standard & Poor’s Case-Shiller index that was released early today U.S. home prices plummeted for the month of November.
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After 11 weeks of consistent interest rates drop mortgage rates are back up over 5%.
A national home price gauge released today showed that prices of existing single-family homes recorded their biggest annual drop in October.
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President George Bush is expected to announce tomorrow plans that will help borrowers struggling to pay their mortgage payments.
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Last week’s news that home prices have fallen for the 12th straight month has many readers wondering when they are going start going back up again.
And just what will it take to turn them around?
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When you think about places hardest hit by the current housing slowdown, the California, Nevada and Florida housing market may come to mind.
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What does every mortgage applicant wish they knew? How to make sure their property went up in value after the purchase was finalized.
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Sales of existing homes fell in 41 states during the April-June quarter while home prices were down in one-third of the metropolitan areas surveyed.
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