Home Prices Declined Again in the Latest Survey, worse than expected

A well-respected home price index, the S&P Case Shiller home price index, shows a -3.5% decline in February from a year ago over 20 metropolitan housing markets, S&P said Tuesday.

Home prices are now back to November 2002 levels. It is now down -35% from their 2006 home price bubble peaks.

While there are a few signs that the US housing market is beginning to hit the bottom, housing prices have not stopped declining.

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Home Prices Seen Dropping 10% in U.S. on Foreclosures

As many as 1.25 million of America’sForeclosure Homes are headed for auction in 2012 after a year-long probe into foreclosure practices kept them off the market.

Prices for the foreclosed homes could drop as much as 10 percent because they deteriorated as they were held in reserve during investigations by state officials resolved in February, according to RealtyTrac Inc.

Homes stockpiled less than a year sell for about 35 percent below the value set by lenders, according to a March 15 report by the Federal Reserve Bank of Cleveland. At two years, the loss is close to 60 percent. A surge of cheap foreclosures may erode prices in the broader real estate market, even as the economy expands and residential building increases, said Karl Case, one of the creators of the S&P/Case-Shiller home-price index.

In these environment, if you want to sell your house, it’d be very hard to do so.

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Please visit our main website at WeBuyHousesBronx4Cash.comHome Prices Seen Dropping 10% in U.S. on Foreclosures: Mortgages

Existing Home Sales Declined about 1.0 percent in February, worse than expected

Sales of previously owned homes in the United States dropped 0.9 percent in February, according to a report released Wednesday, disappointing economists.

Homes were sold at a seasonally adjusted annual rate of 4.59 million, compared with 4.63 million in January, according to a report from the National Association of Realtors.

The number indicates that roughly five years after the housing bubble burst, the real estate market’s road forward remains bumpy. Many economists had thought that with mortgage rates near record lows and the job market improving, existing-home sales would rise. But they were wrong.

Many homeowners still owe more than their houses are worth. The share of underwater mortgages is at its highest level since 2009, according to a report released this month by CoreLogic. There are 11.1 million homeowners underwater, accounting for 22.8 percent of mortgages.

In this circumstances, even if you need to sell your house, it’d be very hard to do so. Especially in the Bronx, Brooklyn and Queens, NY where a lot of foreclosures are flooding the market.

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