PrintHome prices have fallen on a national basis for three months in a row, declining by 5.8 percent in November compared to August, according to a leading price index released today. The Midwest region experienced the biggest quarterly price change (-9.9 percent) and increasing numbers of local markets dropped into double dip territory.
Clear Capital’s November HDI Market Report had good news for only Honolulu and Washington, DC, the only markets to buck the national trend and maintain quarterly and yearly price gains.
On the other hand, the six lowest performing markets in November (Columbus, Milwaukee, Louisville, Dayton, Oklahoma City, and New Haven) had double digit declines on a quarter-over-quarter basis and 13 of the top 50 metro markets “double dipped”- set new lows below those of 2009, at the depths of the housing depression. Markets currently experiencing a double dip include: Charlotte, NC; Jacksonville, FL; Las Vegas, NV; Miami, FL; Nashville, TN.; Orlando, FL; Philadelphia, PA.; Portland, OR; Richmond, VA; Seattle, WA; Tampa, FL; Tucson, AZ; and Virginia Beach, VA.
“It’s encouraging that the immediate and dramatic decline in prices that we observed since mid-August appears to be softening,” said Dr. Alex Villacorta, Senior Statistician, Clear Capital. “But any optimism should be tempered by the fact that November’s numbers show continued significant downward pressure for home prices. Nationally, prices are six percent above double dip territory, but are down eight percent since the momentum from the tax credit ended.”
“From a local perspective, we continue to see individual markets distance themselves from national price levels in both positive and negative directions,” added Dr. Villacorta. “For example, Washington, D.C. maintains its positive price growth with prices now 15 percent above last year’s lows, while the four biggest Florida markets are now seeing new price lows since the housing downturn began.”
National home price declines decelerate, but show no sure signs of a bottom. They remain only 5.5 percent above record lows of early 2009, but with an increasing numbers of local markets double dipping downward price pressure remains despite the slowing of declines for top performing areas, Clear Capital said.
The Midwest region continued to lead quarterly price declines, posting near double-digit losses and dropping another 1.2 percentage points from last month’s report to a -9.9 percent quarterly price change. The Columbus, OH and Milwaukee, WI micro markets lead the Midwest downward with -15.3 and -14.6 percent quarterly price changes respectively.
December 16th, 2010 at 1:25 pm
Home prices are definitely declining in the Nashville Tennessee market as well as nationwide. While the Washington DC and New York City markets appear to be exceptions to this widespread decline, it is easy to conclude that these markets are doing better almost solely due to massive government spending and bank bailouts, respectively. In Nashville, I expect home prices to decline another 10% to 20% at a minimum. home prices in Nashville TN are still not cheap from an historical perspective when compared to household incomes. Therefore, it is clear that no “market bottom” can be called on the basis of “homes being cheap” – it simply is not true regardless of how much housing prices have fallen. If the government would just leave the market alone home prices would fall to actual cheap levels and buyers would come back on their own (i.e. without the need for artificial and temporary government stimulus). The problem is that home prices in Nashville need to decline at least another 10% to 20% before they can be declared “cheap” by any historical measure. See my blog post: US Housing Market Facing “Doom”. Given that interest rates were as low as they are ever going to be, and have already risen significantly, it is highly likely that the argument that low interest rates will help push Nashville home prices higher is invalid. The fact remains that over the next several years there are going to be a lot of short sales, distress sales and forecloure sales, which, along with persistent high unemployment and poor income growth (below inflation, or even negative), will push home Nashville and Middle Tennessee home prices lower until they are truly affordable based on the real underlying economic conditions (i.e. absent the phony government housing market propping). In short, over the next several years there will still be a lot of misery for homeowners in Nashville and Middle Tennessee.
Free* Short Sale and Foreclosure Help and Assistance for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Murfreesboro, Smyrna, La Vergne, Columbia, Mt. Juliet, Springfield, Gallatin and Middle Tennessee Financially Distressed Homeowners and Property Owners. Stop the Bank from Foreclosing with a Quick Cash Offer to Get the Short Sale Process Started. If you are a Nashville Tennessee, Franklin Tennessee, Brentwood Tennessee, Nolensville Tennessee, Spring Hill Tennessee, Murfreesboro Tennessee, Smyrna Tennessee or La Vergne Tennessee homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact Jim to discuss your options including a loan modification and a short sale (a real estate short sale occurs when the sale proceeds are not sufficient to pay off all the mortgages and liens on the property/home). Jim helps sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in Middle Tennessee (Rutherford County TN, Williamson County TN, Davidson County TN, Robertson County TN, Maury County TN, Murfreesboro TN, Smyrna TN, La Vergne TN, Eagleville TN, Lascassas TN, Rockvale TN, Christiana TN, Brentwood TN, Franklin TN, Nashville TN, Belle Meade TN, Nolensville TN, Spring Hill TN, Gallatin TN, Springfield TN and Mt. Juliet TN). If you do need to short sell your home or property, or you need a quick sale due to being in foreclosure, you can Get Free* Short Sale and Foreclosure Help and Assistance from a Nashville Tennessee and Middle Tennessee Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor. (*Free: In a real estate short sale, the bank or mortgage company usually approves and pays all of Jim’s commissions and fees. Therefore, in most cases his short sale help, foreclosure help, foreclosure consulting, and foreclosure prevention and brokerage services are essentially free to distressed homeowners and property owners in Nashville and Middle TN. Jim does not charge any upfront short sale fees or commissions and he generally doesn’t get paid anything unless the short sale closes and even then the bank essentially pays Jim’s fees. As a result, there is basically no risk to Nashville Tennessee homeowners and property owners in foreclosure.)
December 16th, 2010 at 1:41 pm
Home prices are definitely declining in the Nashville Tennessee market as well as nationwide. While the Washington DC and New York City markets appear to be exceptions to this widespread decline, it is easy to conclude that these markets are doing better almost solely due to massive government spending and bank bailouts, respectively. In Nashville, I expect home prices to decline another 10% to 20% at a minimum. Home prices in Nashville TN are still not cheap from an historical perspective when compared to household incomes. Therefore, it is clear that no “market bottom” can be called on the basis of “homes being cheap” – it simply is not true regardless of how much housing prices have fallen. If the government would just leave the market alone home prices would fall to actual cheap levels and buyers would come back on their own (i.e. without the need for artificial and temporary government stimulus). The problem is that home prices in Nashville need to decline at least another 10% to 20% before they can be declared “cheap” by any historical measure. See my blog post: US Housing Market Facing “Doom”. Given that interest rates were as low as they are ever going to be, and have already risen significantly, it is highly likely that the argument that low interest rates will help push Nashville home prices higher is invalid. The fact remains that over the next several years there are going to be a lot of short sales, distress sales and forecloure sales, which, along with persistent high unemployment and poor income growth (below inflation, or even negative), will push home Nashville and Middle Tennessee home prices lower until they are truly affordable based on the real underlying economic conditions (i.e. absent the phony government housing market propping). In short, over the next several years there will still be a lot of misery for homeowners in Nashville and Middle Tennessee.
Free* Short Sale and Foreclosure Help and Assistance for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Murfreesboro, Smyrna, La Vergne, Columbia, Mt. Juliet, Springfield, Gallatin and Middle Tennessee Financially Distressed Homeowners and Property Owners. Stop the Bank from Foreclosing with a Quick Cash Offer to Get the Short Sale Process Started. If you are a Nashville Tennessee, Franklin Tennessee, Brentwood Tennessee, Nolensville Tennessee, Spring Hill Tennessee, Murfreesboro Tennessee, Smyrna Tennessee or La Vergne Tennessee homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact Jim to discuss your options including a loan modification and a short sale (a real estate short sale occurs when the sale proceeds are not sufficient to pay off all the mortgages and liens on the property/home). Jim helps sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in Middle Tennessee (Rutherford County TN, Williamson County TN, Davidson County TN, Robertson County TN, Maury County TN, Murfreesboro TN, Smyrna TN, La Vergne TN, Eagleville TN, Lascassas TN, Rockvale TN, Christiana TN, Brentwood TN, Franklin TN, Nashville TN, Belle Meade TN, Nolensville TN, Spring Hill TN, Gallatin TN, Springfield TN and Mt. Juliet TN). If you do need to short sell your home or property, or you need a quick sale due to being in foreclosure, you can Get Free* Short Sale and Foreclosure Help and Assistance from a Nashville Tennessee and Middle Tennessee Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor. (*Free: In a real estate short sale, the bank or mortgage company usually approves and pays all of Jim’s commissions and fees. Therefore, in most cases his short sale help, foreclosure help, foreclosure consulting, and foreclosure prevention and brokerage services are essentially free to distressed homeowners and property owners in Nashville and Middle TN. Jim does not charge any upfront short sale fees or commissions and he generally doesn’t get paid anything unless the short sale closes and even then the bank essentially pays Jim’s fees. As a result, there is basically no risk to Nashville Tennessee homeowners and property owners in foreclosure.)
December 16th, 2010 at 1:43 pm
Home prices are definitely declining in the Nashville Tennessee market as well as nationwide. While the Washington DC and New York City markets appear to be exceptions to this widespread decline, it is easy to conclude that these markets are doing better almost solely due to massive government spending and bank bailouts, respectively. In Nashville, I expect home prices to decline another 10% to 20% at a minimum. Home prices in Nashville TN are still not cheap from an historical perspective when compared to household incomes. Therefore, it is clear that no “market bottom” can be called on the basis of “homes being cheap” – it simply is not true regardless of how much housing prices have fallen. If the government would just leave the market alone home prices would fall to actual cheap levels and buyers would come back on their own (i.e. without the need for artificial and temporary government stimulus). The problem is that home prices in Nashville need to decline at least another 10% to 20% before they can be declared “cheap” by any historical measure. See my blog post: US Housing Market Facing “Doom”. Given that interest rates were as low as they are ever going to be, and have already risen significantly, it is highly likely that the argument that low interest rates will help push Nashville home prices higher is invalid. The fact remains that over the next several years there are going to be a lot of short sales, distress sales and forecloure sales, which, along with persistent high unemployment and poor income growth (below inflation, or even negative), will push home Nashville and Middle Tennessee home prices lower until they are truly affordable based on the real underlying economic conditions (i.e. absent the phony government housing market propping). In short, over the next several years there will still be a lot of misery for homeowners in Nashville and Middle Tennessee.
Free* Short Sale and Foreclosure Help and Assistance for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Murfreesboro, Smyrna, La Vergne, Columbia, Mt. Juliet, Springfield, Gallatin and Middle Tennessee Financially Distressed Homeowners and Property Owners. Stop the Bank from Foreclosing with a Quick Cash Offer to Get the Short Sale Process Started. If you are a Nashville Tennessee, Franklin Tennessee, Brentwood Tennessee, Nolensville Tennessee, Spring Hill Tennessee, Murfreesboro Tennessee, Smyrna Tennessee or La Vergne Tennessee homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact Jim to discuss your options including a loan modification and a short sale (a real estate short sale occurs when the sale proceeds are not sufficient to pay off all the mortgages and liens on the property/home). Jim helps sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in Middle Tennessee (Rutherford County TN, Williamson County TN, Davidson County TN, Robertson County TN, Maury County TN, Murfreesboro TN, Smyrna TN, La Vergne TN, Eagleville TN, Lascassas TN, Rockvale TN, Christiana TN, Brentwood TN, Franklin TN, Nashville TN, Belle Meade TN, Nolensville TN, Spring Hill TN, Gallatin TN, Springfield TN and Mt. Juliet TN). If you do need to short sell your home or property, or you need a quick sale due to being in foreclosure, you can Get Free* Short Sale and Foreclosure Help and Assistance from a Nashville Tennessee and Middle Tennessee Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor. (*Free: In a real estate short sale, the bank or mortgage company usually approves and pays all of Jim’s commissions and fees. Therefore, in most cases his short sale help, foreclosure help, foreclosure consulting, and foreclosure prevention and brokerage services are essentially free to distressed homeowners and property owners in Nashville and Middle TN. Jim does not charge any upfront short sale fees or commissions and he generally doesn’t get paid anything unless the short sale closes and even then the bank essentially pays Jim’s fees. As a result, there is basically no risk to Nashville Tennessee homeowners and property owners in foreclosure.)