As 2011 comes to a close, many areas in the country are continuing to see the median price of homes drop. The recent Standard & Poor’s/Case-Shiller index showed that for the second month in a row home prices across the country are declining. For the month of October, 19 out of the 20 major metropolitan areas that the index tracked saw home prices decline.
The decline could be attributed to the Fall slowdown that is seen during this time of year as potential buyers get busy with the holidays. The good news is that from April through August we saw a modest rise in home prices in half of the cities that the index tracts. Across the nation, home prices have fallen by a whopping 32 percent since the housing market bubble burst nearly five years ago. The home prices we are seeing now are similar to those that we saw in 2003. Atlanta, Detroit and Minneapolis are the three areas that saw the highest decline in home prices for the month of October. The Phoenix area was the only area tracked that saw a gain in home prices.
It appears that many Americans are still reluctant to jump back in the housing market even though we are nearly two years out of the recession. The continued high unemployment rate and unstable economy continues to be a major factor in what is keeping would be home buyers out of the market.
On a positive note, home sales in the Triangle area are continuing to rise. Home sales in the Triangle area were up 11 percent for the month of November when compared to this same time period in 2010. Pending sales were also up 8 percent for the month.
If you are interested in buying or selling a home in Glen Laurel, contact Rodney Geohagan. The Geo Team is here to help you with all of your real estate needs. Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home and is qualified to help you with all options before it is too late. There are many questions about how the short sale process works, and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answers and would love to sit down for a confidential review of your options.