The US housing market continues to struggle to find a bottom. Home prices in the United States fell 5.1% in November 2010 when compared with a year earlier, according to real estate analytics firm CoreLogic.
The decline in US home prices in November was steeper than the year-over-year decrease of 3.4% in October. Forty-four of the states experienced an annual decline in November.
Mark Zandi, an economist with Moody's Analytics said the US housing market is "double dipping." He predicts prices will continue to fall from the peak levels in 2006; he seems to indicate an expectation of the bottom hitting in late 2011 and price declines of 35% off the peak in 2006.
According to CoreLogic, the six states that experience a year-over-year increase in housing prices were: Indiana, Vermont, New York, Wyoming, North Dakota and Maine. However, in general, these states did not see as sharp of a rise in prices during the "boom" period.
The consensus of many leading economists that focus on the real estate market seem to think the bottom of the market will not hit until the end of 2011.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
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