Report: Baltimore-area home prices down 17% since mid-2007
If you bought a home in the Baltimore metro area three years ago and put down less than 20 percent, you're probably underwater on your loan.
That's the takeaway from a new housing analysis by Fiserv, which says home prices in the region dropped 17 percent between summer 2007 and summer 2010.
Fiserv, provider of the data that fuels the Case-Shiller index, expects a decrease of not quite 2 percent in the metro area -- that is, Baltimore and its surrounding suburbs -- over the 12 months ending this summer. Prices in Washington, by contrast, "have already stabilized," the firm says. (It produces its forecasts with Moody's Analytics.)
Here's another forecast to add to your score card if you're keeping track at home: Fiserv and Moody's are predicting that three-quarters of metro areas will see prices stop falling by the end of this year, with all leveling out by the end of next year.
But don't count on significant price gains anytime soon, the firm says:
"Large supplies of foreclosed properties will continue to be the biggest downside risk for home prices and metro area housing markets," David Stiff, Fiserv's chief economist, said in a statement. He added: "In bubble and crash markets, the uncertain timing and volume of bank liquidated properties will cause home prices to bounce around their lows for many years."
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Real estate data firm CoreLogic, meanwhile, released numbers showing single-family home prices dropped nearly 7 percent in the Baltimore metro area in December vs. a year earlier. That's about on par with Maryland as a whole, which ranked 14th for price declines. (No. 1: Idaho, down 15 percent.)
Distress sales are helping drive the decrease. The price of homes that weren't foreclosures or short sales dropped about 2.5 percent in the state overall and about 4 percent in the Baltimore metro area, CoreLogic said.