Tuesday, November 30, 2010

Depressing of the day: Home prices falling faster in most metro areas

Not out of the woods... not even seeing the edge of the forest.

Home prices falling faster in most metro areas
Millions of foreclosures and weak demand from buyers are forcing home prices down in most major U.S. cities.

Prices are falling even in places like San Francisco and San Diego, which had posted strong increases just a few months ago. Analysts say many markets won't improve until they see fewer foreclosures and more job gains.

"Unemployment is still high, people are afraid of losing their homes and credit is hard to get," said Maureen Maitland, vice president of Standard & Poor's indices.

A report Tuesday underscored the weakness. Home prices declined in 18 of the 20 cities, according to the S&P/Case-Shiller 20-city index. Prices fell 0.7 percent in September from August, marking the second straight monthly drop.

Are we still watching the first steps of this slow motion train wreck in the happening?

No cheer.

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