Housing Price Declines Spread to 38 States in Feburary: Report

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Despite relatively low mortgage rates, exploding housing prices have caused California’s homeownership rate to dip significantly. Just over half of California households own their homes-the third lowest rate in the country, and the lowest rate within the state since World War II.

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Zandi says that further home-price declines nationwide will be limited to 3% to 5% and that 2012 will be the year that prices finally stabilize — setting the stage for gains in 2013.

The median home value in the United States is $227,700. united states home values have gone up 5.2% over the past year and Zillow predicts they will rise 2.2% within the next year.

DANGER: Prepare for The 2019 Real Estate Market Prices in 38 states (including the District of Columbia) have risen above their pre-crisis peaks, and prices in one state (Mississippi) were no more than 5 percent below their pre-crisis peaks. Of the seven states that had larger peak-to-trough declines than the national average, California, Idaho, and Michigan have surpassed their pre-crisis.

 · ”This is the steepest annual rate of decline in London prices since August 2009, during the last housing slump, which was itself associated with the banking credit crisis of 2008-09,” it said.

Economists’ predictions of the total amount of home price declines from the bubble’s peak range from moderate 10-15 percent to larger 30-50 percent price declines in some areas.

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The weather in many regions of the United States in February was bleak. housing data reported for February mirrored the weather – dreary. However, it is a winter month and past history suggests February has not been a strong month for construction, or sales. Total and single-family starts declined substantially on a monthly and a yearly bases.