CoreLogic: Baltimore-area price drops are the smallest in a year
Single-family home prices in the Baltimore region were 3.8 percent lower in July than they had been a year earlier, the smallest decline since last summer, real estate data firm CoreLogic says.
The year-over-year loss in prices ranged from a little over 4 percent to a little over 6 percent from August 2010 through June of this year, according to CoreLogic. And even those are less dramatic than the price drops in 2009 -- in July 2009, for example, single-family values fell 9 percent. (The company analyzes both detached and attached single-family homes.)
Nationally, CoreLogic said, single-family home prices declined 5.2 percent over the year. That's down a bit compared with the past several months. Subtract out short sales and foreclosures, and U.S. home prices were a lot closer to steady, down about half a percent.
Non-distress sales in the Baltimore area also showed a smaller drop, but it wasn't as big of a difference -- down 2.8 percent rather than the overall 3.8 percent decline.
So: trend or temporary?
CoreLogic, for its part, thinks the near future doesn't look good for price stability -- even though the very recent past, July vs. June, showed a small gain in prices nationwide.
"While July's numbers remained relatively positive, particularly for non-distressed sales which have been stable, seasonal influences are expected to fade in late summer," Mark Fleming, chief economist for CoreLogic, said in a statement. "At that point, the month-over-month growth will most likely turn negative. The slowdown in economic growth and increased uncertainty caused by the recent stock market volatility will continue to exert downward pressure on prices."
What are you seeing out there?
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Comments
This is definitely temporary. Housing is already in double dip territory. Economy will soon follow. The market is telling us that double is imminent. 10 Year Yield is back under 2%. QE1 and QE2 were a complete failure. QE3 could be underway but that won't do anything either. Obummer's stimulus has failed. His next one will fail too. Europe is in worse shape than we are. 17 of the largest banks are being sued for over 100 billion. Banks will not lend money with these uncertainties hanging over their head. The consumer will not buy a house when they see their stock accounts plummet. Consumer spending will drop like a rock in the coming months. The prime buying season is over. Now we are in the dead period. Home sales will continue to decline. The gubmint can't do anything to prop up the market. It doesn't work.
Posted by: Jack Daniels | September 4, 2011 2:39 PM
Actually, the banks are being sued for $197 BILLION. How's that "hope and change" working out?
Posted by: Frank Rizzo | September 5, 2011 3:07 AM