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Home Prices Fall for Sixth Consecutive Month, Decline Accelerating
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You're Now Reading:
Home Prices Fall for Sixth Consecutive Month, Decline Accelerating
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Home Prices Fall for Sixth Consecutive Month, Decline Accelerating
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March 13, 2012 (Jeff Alan)

The national average home price fell 1.0 percent to $197,000 for transactions completed in December according to the latest Lender Processing Services (LPS) Home Price Index (HPI), and early data for January suggests the decline in prices may be accelerating.

It was the sixth consecutive month that home prices fell from the previous month and follows a 0.6 percent decline in November. The decline in home prices continues a seasonal fall/winter pattern that has been experienced by the housing market since 2009. The average home price was 3.9 percent below December 2010’s prices and leaves prices at a level not seen since September 2002.

Early, partial data from January’s sales suggest that the decline of home prices may be accelerating as a likely price decline of approximately 1.2 percent will be posted for the month.

The LPS HPI summarizes national home prices by tracking monthly prices in over 13,500 ZIP codes covering 436 Metropolitan Statistical Areas (MSAs) and covers about 75 percent of the single-family properties in the U.S.

Average home prices peaked at $282,000 in June 2006 with the most rapid decline in home prices occurring between July 31, 2007, and December, 2009, when prices declined $56,000 from the market’s peak, an annual decline of 13.8 percent. Since that time, the annual rate of decline has slowed to an average of 4.4 percent, with home prices declining an additional $29,000 during that time.

The total value of U.S. housing inventory covered by the Index stood at $10.8 trillion at the market peak and was valued at $7.5 trillion at the end of December, a decline of 30.6 percent.

Twenty-three of the 26 largest MSAs in the Index posted a monthly decline in average prices with the largest losses posted in Detroit (-2.9%), Chicago (-2.3%) and Atlanta (-1.9%). Phoenix (+0.9%), and Miami (+0.2%) were the only MSAs to post an increase from November to December, while prices in Tampa remained unchanged.

For the entire year of 2011, only 5 of the 26 largest MSAs posted an increase in average home prices with the largest gains posted in Detroit (+5.8%), Pittsburgh (+2.0%) and Miami (+1.2%), while the largest losses occurred in Atlanta (-22.2%), Chicago (-8.2%), San Francisco (-7.2%) and Seattle (-7.2%).

Average home prices in five MSA’s, Detroit, Atlanta, Cleveland, Phoenix and Chicago are currently 50.5, 30.5, 12.2, 5.1 and 3.8 percent below January 2000 levels, respectively.

Tags: average home price, home price index, market peak, MSAs, rapid price decline

Source:
LPS

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Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
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With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
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ADVANTAGES OF USING
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Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
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March 13, 2012 (Jeff Alan)

The national average home price fell 1.0 percent to $197,000 for transactions completed in December according to the latest Lender Processing Services (LPS) Home Price Index (HPI), and early data for January suggests the decline in prices may be accelerating.

It was the sixth consecutive month that home prices fell from the previous month and follows a 0.6 percent decline in November. The decline in home prices continues a seasonal fall/winter pattern that has been experienced by the housing market since 2009. The average home price was 3.9 percent below December 2010’s prices and leaves prices at a level not seen since September 2002.

Early, partial data from January’s sales suggest that the decline of home prices may be accelerating as a likely price decline of approximately 1.2 percent will be posted for the month.

The LPS HPI summarizes national home prices by tracking monthly prices in over 13,500 ZIP codes covering 436 Metropolitan Statistical Areas (MSAs) and covers about 75 percent of the single-family properties in the U.S.

Average home prices peaked at $282,000 in June 2006 with the most rapid decline in home prices occurring between July 31, 2007, and December, 2009, when prices declined $56,000 from the market’s peak, an annual decline of 13.8 percent. Since that time, the annual rate of decline has slowed to an average of 4.4 percent, with home prices declining an additional $29,000 during that time.

The total value of U.S. housing inventory covered by the Index stood at $10.8 trillion at the market peak and was valued at $7.5 trillion at the end of December, a decline of 30.6 percent.

Twenty-three of the 26 largest MSAs in the Index posted a monthly decline in average prices with the largest losses posted in Detroit (-2.9%), Chicago (-2.3%) and Atlanta (-1.9%). Phoenix (+0.9%), and Miami (+0.2%) were the only MSAs to post an increase from November to December, while prices in Tampa remained unchanged.

For the entire year of 2011, only 5 of the 26 largest MSAs posted an increase in average home prices with the largest gains posted in Detroit (+5.8%), Pittsburgh (+2.0%) and Miami (+1.2%), while the largest losses occurred in Atlanta (-22.2%), Chicago (-8.2%), San Francisco (-7.2%) and Seattle (-7.2%).

Average home prices in five MSA’s, Detroit, Atlanta, Cleveland, Phoenix and Chicago are currently 50.5, 30.5, 12.2, 5.1 and 3.8 percent below January 2000 levels, respectively.

Tags: average home price, home price index, market peak, MSAs, rapid price decline

Source:
LPS

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

March 13, 2012 (Jeff Alan)

The national average home price fell 1.0 percent to $197,000 for transactions completed in December according to the latest Lender Processing Services (LPS) Home Price Index (HPI), and early data for January suggests the decline in prices may be accelerating.

It was the sixth consecutive month that home prices fell from the previous month and follows a 0.6 percent decline in November. The decline in home prices continues a seasonal fall/winter pattern that has been experienced by the housing market since 2009. The average home price was 3.9 percent below December 2010’s prices and leaves prices at a level not seen since September 2002.

Early, partial data from January’s sales suggest that the decline of home prices may be accelerating as a likely price decline of approximately 1.2 percent will be posted for the month.

The LPS HPI summarizes national home prices by tracking monthly prices in over 13,500 ZIP codes covering 436 Metropolitan Statistical Areas (MSAs) and covers about 75 percent of the single-family properties in the U.S.

Average home prices peaked at $282,000 in June 2006 with the most rapid decline in home prices occurring between July 31, 2007, and December, 2009, when prices declined $56,000 from the market’s peak, an annual decline of 13.8 percent. Since that time, the annual rate of decline has slowed to an average of 4.4 percent, with home prices declining an additional $29,000 during that time.

The total value of U.S. housing inventory covered by the Index stood at $10.8 trillion at the market peak and was valued at $7.5 trillion at the end of December, a decline of 30.6 percent.

Twenty-three of the 26 largest MSAs in the Index posted a monthly decline in average prices with the largest losses posted in Detroit (-2.9%), Chicago (-2.3%) and Atlanta (-1.9%). Phoenix (+0.9%), and Miami (+0.2%) were the only MSAs to post an increase from November to December, while prices in Tampa remained unchanged.

For the entire year of 2011, only 5 of the 26 largest MSAs posted an increase in average home prices with the largest gains posted in Detroit (+5.8%), Pittsburgh (+2.0%) and Miami (+1.2%), while the largest losses occurred in Atlanta (-22.2%), Chicago (-8.2%), San Francisco (-7.2%) and Seattle (-7.2%).

Average home prices in five MSA’s, Detroit, Atlanta, Cleveland, Phoenix and Chicago are currently 50.5, 30.5, 12.2, 5.1 and 3.8 percent below January 2000 levels, respectively.

Tags: average home price, home price index, market peak, MSAs, rapid price decline

Source:
LPS

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.