House Values Dropped 3.7 Percent
Let’s get the bad news out of the way. Since April 2007, home values as measured by average selling prices have dropped 3.7 percent. It was actually 3.1 percent for the last 12 months but if you go back another 30-45 days the decrease added another 0.6 percent.
U.S. home prices fell a record 1.7 percent in the first quarter and the number of workers on jobless benefit rolls held at a four-year high, underscoring the economy’s woes, data on Thursday showed.
The continued slump in housing prices in the first quarter pushed them 3.1 percent below their year-ago level, the Office of Federal Housing Enterprise Oversight said. Like the quarter-to-quarter drop, the decline was the biggest in the 17 years the housing regulator has tracked the data.
That was the bad news, the good news was hard to find. 30 year fixed mortgage rates did continue to dip a little bit, even as ARM rates increased. As kids get out of school for the summer, people that might have wanted to move this summer are going to find themselves stuck living where they are and possibly skipping vacations too. That trip to Disney World and a new house might be replaced with a barbecue in the back yard around new hundred dollar swing sets from Wal-Mart.
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