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Home Values At Lowest Since 2004

Published 06/25/08 Jeff Bennett - Print Article
E-mail - editor@economyincisis.org

Home prices have dropped 15.3 percent during the past year, reverting back to their values from the summer of 2004, according to Market Watch. Expect home prices to continue to fall well into 2009, troubling Americans as they struggle to refinance and sell their homes.

Source Market Watch:

Home prices across 20 major U.S. cities have dropped a record 15.3% in the past year and are now back to where they were in the summer of 2004, according to the Case-Shiller home price index released Tuesday by Standard & Poor's.

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With so many homes on the market and foreclosures rising, prices are likely to keep falling, said Patrick Newport, an economist with Global Insight. He foresees prices dropping a further 10%.

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Falling prices have eroded Americans' wealth, cutting into their ability to borrow against the equity in their homes or refinance or sell for a profit. Millions of Americans now owe more on their homes than they're worth.

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