While home prices are dropping across the nation, with metro areas being the most affected, according to a new study of housing. Eighteen of the 20 cities recorded price declines in Standard & Poor's Case-Shiller home price index.
Cleveland recorded the biggest drop, 3 percent from a month earlier. Although San Francisco, Los Angeles and San Diego had showed strength, home prices in these cities dropped from August to September. Only Washington and Las Vegas posted gains in home prices.
Our Olathe and Overland Park Real estate prices have dropped slightly, but nowhere near the levels of most other major metro areas.
Home prices are being affected by high unemployment, tight lending standards and millions of foreclosures, according to analysts.
"Unemployment is still high, people are afraid of losing their homes and credit is hard to get," said Maureen Maitland, vice president of S&P indices.
Despite drops in home prices, due in large part to foreclosures, consumer confidence in the economy seems to have increased, although it is not yet at a healthy level.
Other consumer experts are not as hopeful, as mortgage rates, though currently low, are expected to rise next year.
On the other hand low interest on mortgage rates help drive housing purchases.
When it’s time to find the perfect Olathe or Overland Park home, let’s talk.
RE/MAX sells more homes than any other real estate company.
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Let us know what you think or add to our blog by writing a comment. Do you have a real estate question for the Real Estate Wizards? Email us at RealEstateWizard@DowellTaggart.com
Blog post written by the Dowell Taggart Team of RE/MAX Best Associates
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1 Comments
Home buyers are still wary of real estate agents steering them in the wrong direction. Over the years many agents have tried to get me to buy a house not suited for me, essentially not looking out for me or my interests. It also doesn't help when I send a certified letter (or two) to a place like Re/Max of Kansas City and they don't even take the time to respond.
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