Categorized | Residential

Housing Prices Decline in Ninety-Five Percent of Major US Cities

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According to the latest report from S&P regarding residential real estate prices and sales, the average price for homes in nearly every major city decline in October. Nineteen of the twenty major cities polled as part of the report indicated a drop in price.

Many analysts had hopes that the residential real estate market in the United States was turning around and set to recovery early in the next year. However, the reported declines quickly squelched those hopes. Prices had actually increased for five straight months prior to this most recent report.

The S&P report shoes that residential property prices dropped slightly more than one percent from the last month, and are down by more than three percent from one year ago. Analysts now fear that the price decline may continue well into 2012, further delaying any kind of recovery.

Of the nineteen cities that experienced decline, Atlanta, Cleveland, Detroit, and Las Vegas are of the greatest concern. Home prices in Atlanta fell five percent from the previous month, and are now lower than where they were more than twelve years ago.

After taking a closer look at the real estate market earlier in the year, many analysts now attribute the five months of increasing prices to the artificial reduction of foreclosures due to legal issues. Now that many foreclosures are once again hitting the market, prices will once again face declines across the country.

With more than six million homes facing delinquency or foreclosure at this point in time, prices will likely continue to fall as many of those homes hit the market in the coming months.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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