Nationwide home prices have dropped 10.9 percent in the last year, according to the latest Loan Performance National Home Price Index, which compared prices from July 2008 to July 2007.
The drops are starting to finally flatten out. Loan Performance compared the current national picture to the home price declines in Texas and Massachusettes in the 80s and early 90s, a decline which took two years to bottom out.
California, Florida, Nevada and Arizona continue to lead the race to the bottom in the Loan Performance HPI. Home prices in the Los Angeles area dropped nearly 28 percent in the last year.
Meanwhile, Texas continues to sail through the crisis relatively unaffected.
Austin had the best price appreciation of any city in the U.S., at 4.15 percent. Houston's price appreciation was 4.12 percent, San Antonio 3.53 percent, and Dallas 2.17 percent.
Life is good in Texas.
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As an SRES® designee, I have received additional education on such topics as tax laws, probate, estate planning, equity conversion strategies, and can offer you information on current market trends as well as valuable resources regarding real estate transactions.
Howdy Shirley
Sure am glad my firends in Texas are doing OK. With this here home market.
Shirley, we need to be able to recite those numbers at the drop of a hat... to offset the perception the media has given the public... which has caused a slowdown in our business lately. I just keep saying, Austin is a good market, we are not being affected as much as the national market in the foreclosures and short sales.. or declining prices, yes they do exist, but not in the numbers I have heard about in Michigan, Florida, Nevada, California and many other states. Thank you for posting about the economy and housing sales here in Texas.
Thanks Dale. Hope things are going well for you up in the northeast.
Gail, The media has made it so that we have to keep educating buyers about our local market. Thanks for your comment.
Here in San Diego, about 75% of us don't want price appreciation. Sales increased for three consecutive months while prices continue to fall, which is good. Now 25% of San Diegans can actually afford a home here, up from a mere 7% a few years ago. The more people who can afford a home, the more people will buy a home, and the more people who buy a home, the more home inspections I do.
Hi Russel, Thanks for your perspective from a home inspector's point of view.