Housing Prices Back to 2003 Levels

Posted by Jim Spence on Tuesday, May 31, 2011
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Bloomberg - Home prices in 20 U.S. cities dropped in March to the lowest level since 2003, showing housing remains mired in a slump almost two years into the economic recovery.  The S&P/Case-Shiller index of property values in 20 cities fell 3.6 percent from March 2010, the biggest year-over-year decline since November 2009, the group said today in New York. At 138.16, the gauge was the weakest since March 2003. A backlog of foreclosures poised to reach the market means prices may stay depressed, dissuading builders from taking on new-home construction projects. Unemployment at 9 percent and stricter lending conditions are signs that any recovery in housing may take years.  Read full story here: News New Mexico
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1 comments:

Anonymous said...

The only way to resurrect the housing industry would be to gather up all the foreclosed homes and burn them to the ground. If we stopped building homes altogether, we probably would have a 3 to 4 year supply of homes on the market.

May 31, 2011 at 3:58 PM

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