84 Percent of Nation’s Housing Market Sees Prices Decline in Q1 |
| Published: June 3, 2008, 2:14 pm |
| Tags: featured front, origination lending |
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Widespread price declines characterized much of the nation’s housing market in the first quarter, with single-family home prices dropping at a steep 6.7 percent annualized rate according to a report issued Monday afternoon by economic and financial analysis firm Global Insight, Inc. The first-quarter drop was the third straight quarterly decline in housing prices, according to the company’s research. Nationwide, 262 housing markets out of 330 in the study — the overwhelming majority of the nation’s housing markets — experienced declines, Global Insight said, accounting for 84 percent of all housing units and 89 percent of real estate value. Not surprisingly, California, Florida and Michigan accounted for the steepest losses, and contained 45 of the 50 worst performing metropolitan areas for this period. California and Florida have been among the most overvalued states for the past several years, and Michigan is reeling from the impact of a slumping [ Full article ] |
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