Prices of new and pre-owned home prices have fallen steadily since July 2006. According to a report released Tuesday by S&P Case/Shiller, aggregate pricina plunged even more steeply in the third quarter of this year.

The housing market could possibly get a lot worse, according to Yale economist and index co-founder, Robert Shiller. Shiller said, “You’re talking about declines of 50 percent, in real terms. That’s not out of the question.” Referring to the latest declines, Shiller said they were notable for two reasons. “First, the third quarter decline, at 1.7%, was the largest quarterly decline in the index’s 21-year history. And, second, the year-over-year decline posted its second consecutive record low at minus 4.5%.”

Of the 20 markets covered, 15 showed negative returns and all 20 had negative returns for September, compared with a month earlier. Worst hit was Tampa, Fla., where prices fell 11.1 percent compared with a year earlier. The second biggest loss was in the Miami real estate market, where prices fell 10 percent from a year earlier. Charlotte, N.C. and Seattle showed the highest year-to-year gain of 4.7 percent each. But Charlotte declined 0.6 percent in September and Seattle prices fell 0.2 percent.

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For more information on this and other real estate matters, your first source for Palm Beach real estate should be licensed agent and long-time resident Caesar Parisi.

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