Home Prices Continue to Fall, Rust-Belt Hard Hit
November 21, 2007 | 1:17 pm | by t-blender |Rate It:
cnnMoney.com: NEW YORK — Housing price drops, driven by soaring foreclosure rates, accelerated during the three months ended September 30, according to the latest data from the National Association of Realtors (NAR).
The median single-family house price in the United States fell to $220,800, which was down 2 percent from a year ago. Condo prices showed some resiliency: At $226,900, they rose 2 percent compared with 12 months ago.
“The biggest decline in sales appears to be concentrated in areas that had significant levels of speculative investment, including Nevada, Florida and Arizona,” Lawrence Yun, NAR’s chief economist, said in a statement.
Most declines occurred either in once hot markets or Rust-Belt areas clobbered by economic setbacks and job losses, like Detroit and Cleveland.
The Palm Bay/Melbourne, Fla. area recorded the steepest loss. Prices there plunged 12.4 percent to $182,400. Close behind was Sacramento, Calif. with a decline of 10.5 percent to $335,700.
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