Hamilton Mill Dacula GA Trilogy Park Hoschton Hoschton home prices worse than expected
“Prices lag sales. Say it again. Chant it if you will. On the way up and on the way down, that’s the way it works. We were therefore expecting to see a big drop in home prices a few months after the expiration of the home buyer tax credit, not now. Well they’re here now. Today the FHFA, overseer of Fannie and Freddie, released its monthly home price report which chronicles the sale prices of homes with Fannie and Freddie loans. Things had been improving last Spring, as other indices show as well, but not only did they take a dive in July, the June number was revised down, and the following quote in the report really says it all: ‘The unusually large revision mainly reflects the addition of new data from late June that show considerably weaker prices than earlier in the month.’
Patrick Newport over at IHS Global Insight thinks that the market is actually overcorrecting, just as prices overshot on the way up. He says houses are pretty fairly valued now, and yet prices are still dropping due to weak demand and a large volume of foreclosures. Think about it: We have a 12.5 month supply of homes on the market right now and about 7 million homes where folks aren’t current on their mortgages. Some of you may note that the S&P/Case-Shiller home price indices show more positive results. That report is a three-month moving average, so you will see the effects of the tax credit in it far longer than other reports. Tomorrow we will get the existing home sales numbers for August, and everyone is calling for a bump up in sales. Remember, sales dropped 27 percent in July because of the expiration of the tax credit. That’s the depths from which the numbers will move, so keep that in mind when the headlines scream (maybe) that sales ‘rebounded’ in August.”
- FHFA July House Price Way Worse Than Expected, Down 0.5% (businessinsider.com)
- U.S. home prices drop (theglobeandmail.com)
- Economists See More Home Price Declines Ahead (money.usnews.com)
- The 7-Million Housing Shadow Inventory Could Trigger A Price Avalanche (businessinsider.com)
- Short Sale Leads Are all Around You. Can’t You See Them? (agentgenius.com)
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Thanks for reading this, Roland Lorans.
Roland is a Real Estate Agent at Better Home and Gardens Real Estate Metro Brokers .
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