- Prison Planet.com - http://www.prisonplanet.com -
U.S. Home Prices Drop 6.8 Percent in April as Foreclosures Rise
Posted By admin On June 23, 2009 @ 9:01 am In Money Watch | Comments Disabled
Brian Louis and Kathleen M. Howley
Bloomberg News 
Tuesday, June 23, 2009
June 23 (Bloomberg) — U.S. home prices fell 6.8 percent in April from a year earlier as rising unemployment and record foreclosures kept buyers out of the market.
Measured monthly, the average price fell 0.1 percent from March, the Federal Housing Finance Agency in Washington said today. The number was projected to drop 0.4 percent in April, according to the median forecast of 15 economists in a Bloomberg survey.
The housing slump has reduced the median price of an existing home 26 percent from the July 2006 peak, pushing affordability to near record levels. Prospective buyers are now being constrained by rising mortgage rates, the highest unemployment since 1983 and concern the housing rebound will be anemic.
(ARTICLE CONTINUES BELOW)
While U.S. builders increased housing starts by 17 percent in May to an annual rate of 532,000, a May 26 report from S&P/Case-Shiller showed home prices in 20 U.S. metropolitan areas fell 18.7 percent in March from the same month last year.
All signs point to further declines. Yale University Professor Robert Shiller, co-founder of the S&P/Case-Shiller index, said earlier this month that prices will continue to fall, contributing to a prolonged recession.
Deutsche Bank AG analysts last week said that U.S. home prices may fall another 14 percent before reaching a bottom as an increase in the jobless rate offsets lower prices. The worse declined may hit the New York and Orange County, California, metropolitan areas, analysts led by Karen Weaver said.
Full story here. 
Article printed from Prison Planet.com: http://www.prisonplanet.com
URL to article: http://www.prisonplanet.com/us-home-prices-drop-68-percent-in-april-as-foreclosures-rise.html
URLs in this post:
 Bloomberg News: http://www.bloomberg.com/apps/news?pid=20601087&sid=aLU_yVWfAiFE
 Image: http://prisonplanet.tv/signup.html
 Home Prices in 20 U.S. Cities Fell by a Record 19%: http://www.prisonplanet.com/home-prices-in-20-us-cities-fell-by-a-record-19.html
 U.S. Home Resales Fall; Prices Drop by Record 13.2%: http://www.prisonplanet.com/us-home-resales-fall-prices-drop-by-record-132.html
 US Home Prices Seen Falling 40% Overall: Analyst: http://www.prisonplanet.com/us-home-prices-seen-falling-40-overall-analyst.html
 U.S. Foreclosures Rise 55%, Bank Seizures Reach High: http://www.prisonplanet.com/us-foreclosures-rise-55-bank-seizures-reach-high.html
 Home Sales Drop 27 Percent In July And Things Are Only Going To Get Worse For The U.S. Housing Industry: http://www.prisonplanet.com/home-sales-drop-27-percent-in-july-and-things-are-only-going-to-get-worse-for-the-u-s-housing-industry.html
Copyright © 2013 PrisonPlanet.com. All rights reserved.