The housing market is not out of the woods just yet, but certain market indicators are suggesting that declining home values have slowed to a crawl. It’s true; the indicators are not present in every U.S. market. According, to S&P/Case-Shiller who did a study of twenty markets; they concluded that all but 5 of the hardest hit markets showed a marginal decrease in property values.
Marginal decreases are a refreshing sight for many homeowners who have become accustomed to annual decreases of 10% or more. Case-shiller is reporting that in the 4th quarter of 2009 home values fell 1.5%. This compared to the 18.2% that was lost in 2008. Market hopefuls are comparing the positive numbers to the final couple of feet that are car skids after a major car accident.
The last 12-months have seen opinions from every corner of the financial world. The amount of data that has been compiled to form one educated opinion after another of when the housing market is going to rebound is in reality only a best guess. There are endless amounts of contributing factors that come into play with regards to the housing market. Positive signs in new home sales may be looked upon as a sign of recovery in the market; while at the same time a flood of new foreclosures may be just around the corner.
The only way that the U.S. is really ever going to be sure that the housing market is in a permanent recovery state is if the national unemployment rate gets better. All of the regulation changes implemented by the banks and the federal government are just preparation for future borrowers. It is these borrowers that have to have gainful employment to support a mortgage. Without stable employment, there is no possibility of maintaining a monthly financial commitment. If the federal government focused its efforts and billions of dollars into creating meaningful jobs, instead of placating the public with nonsensical construction projects that employ few Americans, or shaky foreclosure prevention programs, maybe a true and lasting effect would materialize.
For now, a decline in the decline of home values is a good sign.
S&P/Case-Shiller Home Price Indices
Case-Shiller Index Shows Home Prices Improving Slightly
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Prices have been stabilize here in Las Vegas (finally). Foreclosures have been slowing down over the last several months. Hopefully that trend will continue as the economy improves.
.-= Chas@Las Vegas Real Estate´s last blog ..A Rise in the Condo Market =-.
Orlando is still seeing a lot of foreclosures and short sales. However, there is now some serious buyer activity in the mid range.
The prices of homes in Phoenix hit bottom 8 months ago. Prices have stabilized and started to rise marginally.
.-= Carmen Brodeur´s last blog ..Is My Grayhawk Home a Cream Puff or a Lemon? =-.
Phoenix Commercial Real Estate is still declining but we are seeing signs of recovery in the market. 2010 will be interesting.
.-= Marc Brodeur´s last blog ..By the Pound – The New Phoenix Commercial Buyer =-.
Prices in certain micro markets within Tampa are starting to stabilize, but overall it’s still pretty crappy here.
I think it is just about time that the house pricing stabilizes, it can’t stay low forever, the question is if it has been advantageous for you. Every bad side has a silver lining.
One thing about real estate is that the prices will always turn, you just have to wait it out.
Home prices always turning up and down… I agree with Jonathan. Patience is a virtue! You just have to wait for the right time! That’s business! But your post is great. Keep it up!
.-= Realhomesestate´s last blog ..Real estate market statistics showed some ups and downs during February’s existing home sales! =-.
Home prices always turning up and down…I agree with jonathan. Patience is a virtue! You just have to wait for the right time! That’s business!But your post is great. Keep it up!
.-= Realhomesestate´s last blog ..Real estate market statistics showed some ups and downs during February’s existing home sales! =-.