Will Home Prices Experience Double Dip in 2011 | Irvine Real Estate | Irvine Homes for Sale

by Robert Mack on February 1, 2011

in Buyers, Latest News, Sellers

For some time it has been my contention that home prices will continue to fall in 2011, mostly as a result of the massive supply of unsold homes in the United States and the continuing weak demand for these homes.  Unless there is a sudden change in the employment situation (which appears unlikely), demand will continue to be weak, and prices will decline.  The most recent Case-Shiller Home Price Index showed widespread price declines, with the majority of metropolitan areas showing year-over-year price declines.  A Zillow report in January showed that home values had declined for 53 consecutive months, and that on average, homes were worth 26 percent less than they were at the peak of the market in 2006, eclipsing losses in home equity seen during the Great Depression.  This morning I read several reports on home prices that I thought were worth further exploration.

via totalmortgage.com for the complete article

Posted on Irvine Orange County Real Estate Market News

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