Here’s some more bad news for the housing market: U.S. home prices posted the sharpest quarterly decline in more than two years in the first three months of this year, according to a government index.
On a quarterly basis, home prices adjusted for seasonal factors were down 2.5% in the first quarter from the fourth quarter of 2010 and were down 5.5% from the same quarter a year ago, according to the Federal Housing Finance Agency’s home price index released Wednesday. It was the steepest quarterly decline since the end of 2008. ...
The FHFA’s index is calculated by using the prices of houses purchased with mortgages backed by government-controlled mortgage companies Fannie Mae and Freddie Mac.
Wednesday, May 25, 2011
FHFA reports declining Q1 2011 home prices
I think I've said this a few times in the recent past, but just to reiterate: Home prices are still falling!
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Great site here! Some of your recent posts keep comparing this year's data to last year's without making note of the first-time home buyers tax credit. Are you omitting it on purpose? Do you think it didn't have any actual effects on home sales (and prices)?
ReplyDeleteNo, I'm not omitting it on purpose. I agree with you that it had a huge effect.
ReplyDeleteWhen this market recovers it will be an excellent opportunity for bottom feeders.
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