There was an interesting article on the AP this morning about the speed at which home prices are dropping in the US in ’09. Here are some quotes:
Home prices fell in nearly nine out of every 10 U.S. cities in the first quarter of this year as first-time buyers looking for bargains dominated the market.
The National Association of Realtors said Tuesday that median sales prices of existing homes declined in 134 out of 152 metropolitan areas compared with the same period a year ago. Prices rose in the other 18 cities. …
“I think we’re near a bottom, but we’re not there yet,” said David Resler, chief economist at Nomura Securities. While prices could hit bottom as soon as this summer, he said, they are likely to remain stable and start edging higher slowly.
But the nascent signs of recovery in the housing market could be short-lived if employers continue to lay off workers in bulk. …
the median sales price nationwide was $169,900, down 13.8 percent from a year ago. The median price is the midpoint, which means half of the homes sold for more and half for less.
If you have an interest rate of 6% or higher and still have any equity left in your home we recommend you contact us immediately to look into a refinance while rates remain at historic lows.