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The standard price for a house fell--% to $169,000 in the first quarter from a year earlier, the National Association of Realtors reported. This is an unprecedented drop that no one has seen in thirty years.
by GrahamMcKenzie
The standard price for a house fell--% to $169,000 in the first quarter from a year earlier, the National Association of Realtors reported. This is an unprecedented drop that no one has seen in thirty years.
The going price for the 4 months is at 26% from a peak of $227,600 in the third quarter of 2005. The newest mean price was down from a year earlier in-4 of the 152 metro areas included in the survey.
The going price for the 4 months of 2008 and the first of 2009 is at 26% less than the peak of $227,600 in the third quarter of 2005. The newest mean price was down from a year earlier in a number of American city areas included in the survey.
The largest rise was in the Maryland area and West Virginia, where the price climbed 21% to $114,900. Long & Foster a real-estate broker in Cumberland, Md., said the area is favorable retirees and second-home buyers, a lot of the buyers seem to be coming from Washington and Baltimore.
The lowest mean price among the suburban areas was $30,300 in Saginaw, Mich., and the largest was $570,000 in Honolulu. Most of the areas with the lowest prices are in areas of the industrial Midwest where unemployment is high.
The biggest growing concern for the housing market is the Baby Boomers. In 2009 it is estimated that more than 60% of all Baby Boomers will be eligible for retirement benefits and many will want to sell or simply give their homes back to the bank. Many banks are looking at millions of homes going up on the market to be sold.
The incredible number of unsold and foreclosed houses has caused a panic in the market. Because of this a number realtors are worried because in a down economy people don?t buy homes. Realtors need to get these houses off their hands. The reason for this because of the large amount of property taxes they pay on each house. And with no steady income they are just losing money. The houses need to go for just about any price. As the market slows and housing declines the rising price of housing will continue to drop. The houses most affected by this will be the brand new houses built in the last 8 years. But this not to say that those houses are not worth their weight in gold, history has shown that even in a recession, the housing market still shows promise.
It has been projected that for the next ten years the prices in housing will continue to drop. This may seem as a terrible lose for investors and first time home buyers, but the indicators are that the prices are actually going back to pre-Bush government levels. As the median drops and the current houses on the market are bought you will see a steady increase in house prices and the resale value. It will take time but time is all you have once you have bought a home.
It has been predicted that in the next 10 years prices will stabilize and then begin to rise again. So buy a house now!
About the Author:
Graham McKenzie is the content coordinator for South Arica?s leading Homeloans portal which amongst others offers Bond origination services for all major banks. |
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