Realtors Say Houses Prices Down In Half Of U.S. Cities
New York, NY, United States (AHN) – Houses prices dropped in nearly half of U.S. metropolitan areas during the third quarter of the year as banks stepped up foreclosures.
The lack of federal tax credits also contributed to falling house prices. The federal government had propped up house prices with an $8,000 tax credit earlier in the year, but when it expired the market deflated despite low mortgage interest rates.
Of the 155 metropolitan markets tracked by trade group National Association of Realtors, median house prices dropped in 76 markets, rose in 77 and stayed level in two.
The largest decline was the Ocala, Florida market with a 20 drop in housing prices, followed by 15 percent drops in two other Florida cities, Melbourne and Palm Bay, and in Tucson, Arizona. Areas that showed increases included Burlington, Vermont at 18 percent, Elmira, New York at 17 percent and Dallas at 14 percent.
Realtors said that nationwide sales of distressed properties, which include properties in foreclosure, or at risk of foreclosure, accounted for 34 percent of Q3 transactions up from 30 percent a year earlier.
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