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Home Prices Continue to Drop

News Flash: Home Prices Fall by Most in 40 Years

The latest housing headline has the same message as those in previous months, but this one can be considered a record on the housing prices timeline. Prices fell by 8.2 percent in February, the most in a one month period since 1968 when the recording of housing prices started. With a median price of $195,900, buyers with good enough credit to get new loans are cashing in on the down-market.

Meanwhile, those on the selling side are starting to see some demand for their homes, as sales of previously owned homes rose in February for the first time in seven months. The renewed activity is a good sign, because it's reintroducing the necessary demand side to the troubled homeowners' supply, but many owners could still be facing a road leading to foreclosure. Chief economist at Northern Trust, Paul Kasriel explained, "As house prices fall sharply, that can force more people into default, especially those who bought late in the cycle who owe more on their houses than their homes are worth."

Source

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