Home Prices Slump a Record 15.6 Percent

Median home prices fell down to a record of 15.6% during the three months ended June 30, compared to the same period in 2008, according to an industry report. The National Association of Realtors said on Wednesday that home prices continue to drop in more than 80 percent of urban areas in a recent survey.  The NAR said, the median price of an existing single-family home dropped to $174,100 or 15.6 percent, the most in records dating to 1979. However, the good thing in the survey reported by Association that median home price rose 4% compared to the first quarter of 2009 — to $174,100 from $167,300.

The increased median price is not so surprising because it was the seasonal selling time which resulted in higher value. The major aspect which is certain behind the declined prices exceptional to this season selling is the worst economy decline. Lawrence Yun said, “With low interest rates, lower home prices and a first-time buyer tax credit, we’ve been seeing healthy increases in home sales, which are a hopeful sign for the economy”.  This economy down fall not only affected a single area but its impact was wider and remained in widening its impact so far. However, the some of the decline can be traced to an increase in the percentage of foreclosures and short sales. They accounted for 36% of all transactions during the quarter…read more.

Watch the video “Home Prices, Historical Data Chart – Glenn Beck explains the housing bubble, why prices must fall”

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