October 21, 2009
HOME PRICES EXPECTED TO FALL ANOTHER 11% NATIONALLY
"Home prices across the country are expected to shrink another 11 percent, but Kennewick, Washington is one of the few bright spots in a brand new forecast...
It's a much different story in most other parts of the country. Home prices in Los Angeles have dropped by 43 percent since June of 2006, in New York, they've fallen by nearly 22 percent to a median of $375,000," quoting KIRO radio news.
And this from CNN money:
"If you thought home prices were bottoming out, you may be wrong. They're expected to head a lot lower.
Home values are predicted to drop in 342 out of 381 markets during the next year, according to a new forecast of real estate prices.
Overall, the national median home price is predicted to drop 11.3% by June 30, 2010, according to Fiserv, a financial information and analysis firm. For the following year, the firm anticipates some stabilization with prices rising 3.6%.
In the past, Fiserv anticipated the rapid decline in home-sale prices over the past few years -- though it underestimated the scope.
Mark Zandi, chief economist with Moody's Economy.com, agreed with Fiserv's current assessments. 'I think more price declines are coming because the foreclosure crisis is not over,' he said."
THE CITY OF YELM WOULD BE WISE TO AGAIN LOWER THEIR REVENUE PROJECTIONS FROM HOME SALES & PROPERTY TAXES!