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Home Prices Fall to a 9 Year Low

Mortgage News > Home Prices Fall to a 9 Year Low
Date: 03/22/2011    Home Prices Fall to a 9 Year Low

The National Association of Realtors reported Monday that home values have fallen to a 9 year low.  Driving down home prices are the ever increasing levels of short sales and foreclosures, which made up nearly 40% of all home sales in the month of February.

USA Today reported that  “February, sales fell in all four regions of the country, by 12.2% in the Midwest, 10.2% in the South, 8% in the West and 7.2% in the Northeast.  Sales of single-family homes fell 9.6% to an annual rate of 4.25 million units. Sales of condominiums fell 10% to a rate of 630,000 units.”

The percentage of first time home buyers now sits at 34%, a slight increase that is edging it’s way close to 40% which signifies a more stable economy.
 

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