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Housing: Prices
built 231 days ago
Housing is clearly where it hurts: National home builders bought up land at the peak of the housing boom in July 2005, in an attempt to beat further price increases. But instead of land appreciation, they've seen prices fall all across the U.S. by varying amounts, says Gopal Ahluwalia, vice president of research for the National Association of Home Builders.
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[T]he details paint an even more alarming picture of the staggering decline in the U.S housing market. Since April, median home prices have fallen 14%… They fell from $236,300 in April, to $203,800. Take a look at this:
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Many ... find themselves dealing with home equity loans and refinancing made with the belief that housing prices would continue to rise. Now, many find themselves with having to make repayments while their investment has been sunk into a property that is less valuable than it was. Selling their way out of the situation may be a money losing situation for many in this scenario.
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