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6 Major US Cities Reflect a Slow in Housing Crash

Mortgage News > 6 Major US Cities Reflect a Slow in Housing Crash
Date: 04/11/2011    6 Major US Cities Reflect a Slow in Housing Crash

Market analysts across the nation are noticing a slow in plummeting home prices in some of the nation’s largest metropolitan areas.  After values falling close to 32% since their highest levels in 2006, cities like Las Vegas; Fort Meyers, FL, Stockton and Vallejo, CA; Hartford, Conn; and Columbus, OH reflect a slower rate of decline and even a slight leveling of home prices. USA Today reports that in these cities “the foreclosure rate has peaked therefore the worst may be behind them.”
Today’s market is more of a realistic one for homebuyers in relation to their annual income compared to what is was on the rise of the housing boom. With thousands of foreclosures still to be put on the market, housing deals continue to be available. Stephen Brown, an economist at the University of Las Vegas, says the city has so many foreclosures it will take nearly three years to clear the inventory; and in Stockton CA six out of every ten homes for sale were bank owned in January.
Because of the continuous rate of foreclosures home prices are expected to fall another 5% or more within the year providing more of an opportunity for homebuyers to continue to take advantage of prices being the lowest they have been in years.