It's hard to believe, but new numbers coming in have confirmed that the month of July saw that steepest price drop in homes in 16 years. This information is according to S&P/Case-Shiller home price index. This article from MSNBC says sales of existing single-family homes dropped by 4.3 percent in August from July according to the National Association of Realtors. And sales dropped to a seasonally adjusted rate 5.5 million units a year, the slowest pace since August 2002. With all this negative talk, there is some silver lining for some. According the the S&P data, five cities witnessed prices rising--Atlanta, Charlotte, N.C., Dallas, Portland, Ore., and Seattle. Even with this news, however, it was also revealed that growth is slowing. Atlanta and Dallas are close to moving into negative territory, S&P said.
Tuesday, September 25, 2007
Housing Market Gets Worse
It's hard to believe, but new numbers coming in have confirmed that the month of July saw that steepest price drop in homes in 16 years. This information is according to S&P/Case-Shiller home price index. This article from MSNBC says sales of existing single-family homes dropped by 4.3 percent in August from July according to the National Association of Realtors. And sales dropped to a seasonally adjusted rate 5.5 million units a year, the slowest pace since August 2002. With all this negative talk, there is some silver lining for some. According the the S&P data, five cities witnessed prices rising--Atlanta, Charlotte, N.C., Dallas, Portland, Ore., and Seattle. Even with this news, however, it was also revealed that growth is slowing. Atlanta and Dallas are close to moving into negative territory, S&P said.
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