Home prices are on a free-fall as the foreclosure crisis continues. A new report blames mounting foreclosures for devaluing real estate in residential and commercial areas.
In a report from the National Association of Realtors, just released, out of 153 homes measured, 118 of them experienced drops in home prices last month.
The largest drop came from Biloxi, Mississippi, that is still in the midst of rebuilding efforts from 2005 when Hurricane Katrina ravished the city. Second is Akron, Ohio that continues to suffer from its own share of economic pit falls.
The numbers are just abysmal. For instance, in March, short-sales rose by one point to 40 percent of US homes in the real estate market. This alone is enough to drive home prices down.
That doesn't sound like much. But when it's placed in perspective, it represents 2.2 million homes in foreclosure. That number is up 1.4 percent from the previous month.
Numbers aside, it's a crisis of epic proportions as the economy struggles to find a soft landing. However, where there is bad news, good news is never far behind.
Believe it or not, home prices actually rose in some markets like Charlotte, NC. That market experienced a 12 percent increase in real estate values.
Others on the positive end were Burlington, Vermont and Buffalo, New York. Both markets saw 11 percent jumps.
For now, that represents a glimmer of home in the depressed US housing markets.
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