Home Prices Hit New Lows

Home Prices Hit New Lows

Recent news has shown that home prices are continuing to fall in most of the country’s major cities.  This news is promising for people who are relocating to new cities or who are just interested in purchasing a new home, but not such great news for those people who need to sell.

Low prices are indicative of the housing bust.  The prices of homes have continued to fall throughout the U.S. but they have now hit their lowest point in 11 major cities.  A recent study showed that prices fell between November and December in almost 100% of the markets examined.  Experts aren’t projecting much better news for next quarter, either.

What does this mean for people that want to move?  Basically, every major city is getting hit for the second time since the market went south.  Slow economic recovery, slow job growth, and tight credit has put a real damper on things, especially when it comes to relocating and getting a good price for the sale of your home.

The 11 cities that have hit all-time lows include:  Phoenix, Tampa, Miami, Las Vegas, Detroit, Atlanta, Portland (Oregon), Seattle, Charlotte, New York, and Chicago.  That doesn’t mean that if you are relocating you shouldn’t choose any of these cities.  In fact, with the prices of homes so low, you may actually find a great deal.  If however you are selling your home in any of these cities, you may just want to hold off before moving.

– Lance Grooms