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.