Given the recent barrage of poor economic data that we have been receiving, it’s no big surprise to anyone that home prices are also taking a hit. According a recent CNN Money news article titled Home Prices Take Another Dip the National Association of Realtors (NAR) is reporting that home re-sale values are down nationally by 2.8%. The declines are greater in areas that have high unemployment rates.
Areas with rebounds in jobs have shown more stable home values with some counties and cities showing significant gains! Location, location, location! The OC isn’t doing great. But, it’s certainly no Salem, Oregon that has a 22.6% price decline from one year earlier.