Categorized | Residential

United States Property Sales Decline Slightly in October

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The most recent report containing sales data from October indicates that the residential real estate market in the United States experienced a slight decline in property prices and sales volume during the month of the October. Residential real estate values fell just over a quarter of a percent from month to month.

Although prices and sales fell, the decline was small enough for most analysts to believe that the market may finally be en route to stabilizing in the very near future. The most promising data that came from the report is that cities like Detroit and Phoenix are starting to signs of improvement. Both cities were two of the hardest hit during the real estate crash, and have struggled to recover.

Another positive sign can be seen in the declining foreclosure rate. The foreclosure rate has dropped significantly in the past year, thus contributing to the minimizing of price declines across the country.

While housing values did drop in October, the fact that the drop was minimal has many analysts believing that the real estate market’s recovery may not be too far away. Housing values typically drop during the second half of the fiscal year, as home sales peak during the spring and summer seasons.

With consumer confidence on the rise, and mortgage loan rates remaining at low levels, there is hope that the housing market will further improve its performance, and potentially see an increase for much of the next year. In order for that scenario to occur, however, lenders may not to reconsider the very tough restrictions that they have in place with respect to loan approval.

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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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