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Home Prices Slip to 2002 Figures


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Home Prices in Flux

 

While the new year has brought in some hopes of a recovery in the economy, things have unfortunately continued to sputter on the property valuation front. Home prices declined steadily for the fifth straight month in January 2012, posting their lowest values since 2002. Yes you heard that right – lowest valuations in a whopping 10 years! 


Prices had fallen by 0.8% compared to the month before, 3.8% when compared to the same period in 2011, and a stunning 34.4% from the real estate market peak in 2006. In fact, certain cities like Chicago and New York have established all-time lows in terms of property values.  Even commercial property in some locations has taken a hit.


Potential home and small investment property buyers continue to remain cautious with the housing market because its exact state is somewhat ambiguous. Reports of increased sales and decreasing housing inventory have boosted hopes on the one hand, but the disheartening foreclosure scenario has made it hard to predict which way the tide will turn in the coming months.

Market players are pinning their hopes on the market bottoming out, and predict that the only way it can go from this point is up. For more on why they believe this to be so, click here to continue reading.



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