Categorized | Residential

Property Prices in the United States Decrease Again

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For the second straight month, residential real estate prices in the United States declined. The most recent decline puts property values roughly four percent lower than last year, and a staggering thirty percent below their peak level in 2006.

With the number of foreclosures hitting the market expected to rise in the coming months, residential real estate prices will likely continue to drop. There has been no clear indication as to when the market will bottom out. Analysts have twice predicted that the market had bottomed out in the past year, and each time, prices continue to drop.

Even as prices fall at unprecedented levels, and mortgage rates remain at an all-time low, housing sales continue to decline. The number of homes for sale continues to increase, further driving prices into the ground. Such numbers make the future of the United States housing market look fairly bleak, as there appears to be no sign of recovery in sight.

The United States government continues to act in hopes of preventing further decline, though each policy passed thus far has done little to truly benefit the market. The nation continues to be plagued by job and overall uneconomic uncertainties. Lenders have also contributed to the continuous decline, as many potential buyers have been unable to access any kind of home loan.

Only five states have experienced any kind of increase in the past year, with those being West Virginia, Wyoming, South Dakota, Maine, and North Dakota. The rest of the United States has seen real estate prices drop to new lows.

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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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