Home Prices dropped 7.7 Percent in 140 of 149 metro Cities
Home Prices continue to drop significantly. They dropped 7.7 percent in 140 of 149 metro cities surveyed.
Part of that drop is being fueled by foreclosures which are still on the rise. It is projected that 1 million additional homes will foreclose in 2008.
Foreclosure filing rates surged 65% in April according to the AP:
More U.S. homeowners fell behind on mortgage payments last month, driving the number of homes facing foreclosure up 65 percent versus the same month last year and contributing to a deepening slide in home values, a research company said Tuesday.
Nationwide, 243,353 homes received at least one foreclosure-related filing in April, up 65 percent from 147,708 in the same month last year and up 4 percent since March, RealtyTrac Inc. said.
Its going to be a long road out of this housing market crisis for the US. One that is going to be about as painful for US households as drug rehab is for heroin addicts.
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