Pace of Fall in House Prices Slows

.

House Prices

Prices of residential properties continue to fall, albeit at a slower pace, at the end of the past year with the housing market gaining stability again.

Over the past year's fourth quarter, the national S&P/Case-Shiller home-price index fell by 2.5%, compared with the same period for the previous year, as has been confirmed in a report released on Tuesday. The marginal drop is a definite improvement compared to the recession period. For 2008's fourth-quarter, prices of homes declined by 18.2% compared to 2007.

"Overall, this report suggests that the recent positive momentum in the U. S. housing market is gaining further traction and underscores that home prices are continuing to stabilize. As such, we may only be a few months away before we see a monthly gain in national home prices", shared Millan Mulraine, a TD Securities analyst.

The month-on-month difference in home prices for a composite index of as many as 20 housing markets that S&P/Case-Shiller monitors revealed that prices of residential properties actually managed to rise by 0.3% in December as compared to the previous month.

"What worries me right now is the default rate on mortgages. It might go up because of a change in our sense of responsibility to pay mortgages. People are angry and upset", said Robert Shiller, the Yale University Economist who co-founded the index.


Latest News

Google announces major update for its Glass device
Doctor guilty of being alcoholic
Long-running doctors contract dispute surfaces in Queensland
Women suffering from persistent genital arousal disorder (PGAD)
Adaptive Optics Technique helped in Developing Novel Imaging Technology
Research finds new drugs which cure hepatitis C
Microsoft reveals story behind iconic ‘Bliss’ image of Windows XP
Sen. Al Franken blasts Comcast- TWC merger
Chicxulub Asteroid Resulted in Tectonic Drifts and Evolutionary Patterns
UN Report Stresses Need to Switch to Renewable Sources for Lessening Carbon Emis
National Weather Predicts Clear Skies on ‘Blood Moon’ Event
Report: 44% Twitter users have never tweeted