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Science Forum Index » Economy Forum » Home prices continue sharp descent...
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 Posted: Wed Jun 18, 2008 4:55 pm |
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Guest
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meanwhile the hired economist of NAR is trying to spin it as 'not-so-
bad' news.
all baby boombers are seeing their nest egg (which is tied to their
home) evaporate before their eyes.
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http://promo.realestate.yahoo.com/home-prices-continue-sharp-descent.html
Single-family home prices dropped 7.7% in the first quarter in the
largest year-over-year decline since the National Association of
Realtors began reporting prices in 1982.
Hurting home prices were big rises in foreclosure rates over the past
12 months, which threaten to get even worse. Delinquencies more than
doubled over that time and more than 155,000 lost their homes in bank
repossessions during the first three months of the year. With many
adjustable rate mortgages (ARMs) poised to reset this year to higher
interest rates, defaults could go even higher. |
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