Good Egg and Big Time Gloucester Businesswoman Ruth Pino forwarded this article to me-
click the highlighted text below for the full article
By SUDEEP REDDY Home prices fell sharply in February, but for the first time in 16 months the annual pace of deterioration slowed. The Standard & Poor’s/Case-Shiller index measuring home prices across 20 major cities declined 18.6% in February from a year earlier. That marked a slight improvement from January’s 19% annual decline, but half of the cities posted deeper declines than in prior months. On a monthly basis, home prices fell 2.2% from January.
I wonder if interest rates crept up if things would get seriously ugly around here.
I’m shocked that there hasn’t been a big woosh down but it seems like the big time problem areas in the country are the places where there was a ton of open land to build on and the low interest rates fueled an explosion in supply of new homes.
It will be interesting to see what comes next.
I keep hearing of more and more layoffs but hardly see anyone losing their homes.
Either the banks are keeping the foreclosures a great big secret or they just arent happening as rapidly as I would have thought with all the job losses.
I have no idea how a young family affords a house and health insurance these days.
What do you think will happen with local home prices?