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Home Prices Down 30 Percent Nationwide

By Reno Charlton | January 12, 2011

According to a recent house price index property prices in the United States are now nearly 30 percent lower than they were in their peak in July 2006. The twenty city index also showed that property prices are now only 4.4 percent higher than they were when the market bottomed out in April 2009. But maybe the biggest news are the month to month price reductions in selected cities.

sandp
Standard & Poors shows a long way to go for prices

The data comes from the latest twenty city home price index from Standard & Poor, or S.&P./Case-Shiller index (PDF), which shows that there are many real estate bargains to be had for those that are considering buying a property. In addition to lower property prices the millions of foreclosures that have taken place or are going to take place are also contributing to the bargains that buyers can get their hands on in the property market.

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S & P indexes - courtesy Standard & Poors

Industry officials believe that in some parts of the United States property prices are going to continue to fall this year, creating further opportunities for those looking to purchase a home or even a property for investment purposes. In a number of areas in the country month on month house price falls have been recorded, with the index showing that Atlanta saw the greatest property price fall, that one having dropped 2.9 percent month on month.

The report also showed that other areas that have shown month on month property price falls in the country include Dallas, Portland, Charlotte, Tampa, Denver, and Washington. One of the factors thought to be contributing to falling property prices is lack of interest from buyers in the current climate, with many struggling to raise a down payment or get mortgage finance.

promised land
Promised land is a ways off

As we have reported before, this is happening across a wide swath of the industry. Of course caution will prevail for investing in real estate, as it should, but the opportunities are there in droves.

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