Results 1 to 2 of 2

Thread: US home prices to fall 40%

  1. #1
    mr funny is offline Any complaints please PM me
    Join Date
    May 2006
    Posts
    8,129

    Default US home prices to fall 40%

    http://www.straitstimes.com/Breaking...ry_398489.html

    July 3, 2009

    US home prices to fall 40%


    NEW YORK - US HOUSING prices will fall by a double-digit percentage from already beaten-down levels, resulting in an overall 40 per cent plunge by the time foreclosures peak in the second half of 2010, Barclays Capital economist Michelle Meyer said.

    Meyer issued her forecast two days after the Standard & Poor's/Case-Shiller Home Price Indexes showed for April an 18.1 per cent year-to-year decline, compared with 18.7 per cent in March, in the rate of home price declines in 20 major US metropolitan areas. The indexes have tracked the prices of US single-family homes since 1987.

    'While the early signs of improvement are in place for housing, the market will likely remain out of balance for some time, given the flood of foreclosures,' Ms Meyer wrote. 'Home prices are likely to continue to fall, albeit at a slowing pace, even after the economy technically emerges from the recession.'

    Home prices have fallen 32.6 per cent from their peak three years ago, S&P/Case-Shiller said. On that basis, they would need to fall another 11 per cent for an overall 40 per cent peak-to-trough decline.

    Further declines could imperil metropolitan areas that have yet to experience the worst of the nation's housing slump.

    According to S&P/Case-Shiller, New York was the only major market to have above-average, month-over-month housing price declines in both March and April and also have a below-average decline for the year ended in April.

    Home prices in that market fell 12.5 per cent from a year earlier. The Denver area had the smallest drop, 4.9 per cent.

    Citing data from a Reuters/University of Michigan survey suggesting that consumers believe low prices and interest rates make now a good time to buy homes, Ms Meyer said home sales have already bottomed.

    She expects sales of existing US homes to rise to 5.41 million in 2010 from 4.75 million in 2009, while sales of new homes will rise to 440,000 from 350,000.

    Meyer expects the nation's gross domestic product to show annualised growth starting in the current quarter. -- REUTERS

  2. #2
    Join Date
    Apr 2009
    Posts
    5,841

    Default

    places like NY is good for snapping up pty but just too far away.

Similar Threads

  1. Private home prices 'may fall by up to 8%'
    By reporter2 in forum Singapore Private Condominium Property Discussion and News
    Replies: 0
    -: 05-01-15, 16:47
  2. Private home prices 'may fall up to 20%'
    By reporter2 in forum Singapore Private Condominium Property Discussion and News
    Replies: 9
    -: 05-07-14, 10:46
  3. HDB resale prices fall 1.6%, private home prices dip 1.3%
    By Ringo33 in forum Singapore Private Condominium Property Discussion and News
    Replies: 0
    -: 25-04-14, 10:22
  4. Home prices unlikely to fall in next 12 months, says HSR Marginal increase in prices
    By Lovelle in forum Singapore Private Condominium Property Discussion and News
    Replies: 13
    -: 12-10-12, 10:45
  5. Home prices fall after 4yrs
    By mr funny in forum Singapore Private Condominium Property Discussion and News
    Replies: 13
    -: 27-10-08, 14:37

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •