Home Prices Go Negative
Home Prices Go Negative
U.S. home prices continued to fall with prices in 10 major cities now down 0.7% year-over-year, according to Standard & Poor's and MacroMarkets LLC, which lately released the Case-Shiller price indexes.
The 10-city index is down 0.7% in the past year, the first year-over-year negative reading since 1996. The 20-city index is down 0.2% year-over-year. A year ago, prices were rising 15%.
"The annual declines in the composites are a good indicator of the dire state of the U.S. residential real estate market," said Robert J. Shiller, chief economist at MacroMarkets, in a statement.
"We look for price declines in the bubble regions but flat prices nationally," wrote Michelle Meyer, an economist for Lehman Bros. Goldman Sachs economists said they expect prices to fall 5% in 2007 compared with 2006.
Read more about the house price indexes released by Standard & Poor's and MacroMarkets LLC…
Then leave us your comment about the article. We would love to hear from you!
Home Prices Go Negative
U.S. home prices continued to fall with prices in 10 major cities now down 0.7% year-over-year, according to Standard & Poor's and MacroMarkets LLC, which lately released the Case-Shiller price indexes.
The 10-city index is down 0.7% in the past year, the first year-over-year negative reading since 1996. The 20-city index is down 0.2% year-over-year. A year ago, prices were rising 15%.
"The annual declines in the composites are a good indicator of the dire state of the U.S. residential real estate market," said Robert J. Shiller, chief economist at MacroMarkets, in a statement.
"We look for price declines in the bubble regions but flat prices nationally," wrote Michelle Meyer, an economist for Lehman Bros. Goldman Sachs economists said they expect prices to fall 5% in 2007 compared with 2006.
Read more about the house price indexes released by Standard & Poor's and MacroMarkets LLC…
Then leave us your comment about the article. We would love to hear from you!
Different Types of Home Inspections
Different Types of Home Inspections
Home inspections tend to confuse homebuyers, especially if buying a house is a first-time experience. Below are different types of home inspections you may encounter:
Primary Home Inspection
This is the most important thing to do when buying a house. It is unbelievable how many homebuyers overlook this when purchasing a property. If you want to avoid homebuyer’s remorse you need to have your future house thoroughly inspected.
Engineer's Reports
Many homebuyers hire an engineer to do a detailed inspection of a property (involves the inspection of the electrical system, plumbing, heating etc.) Sometimes this inspection is part of the primary inspection (above).
Termite Inspection
As the name implies, the purpose of the inspection is to check for the presence of termites or other wood-destroying insects in a house.
Well Water Inspections
Depending on the location, some properties may involve a well water inspection to check whether the water in the area is suitable for drinking.
Appraisal / Appraiser's Inspection
This inspection is conducted by the homebuyer’s lender in order to obtain an appraisal on the value of the home. The lender wants to be certain there are no problems with the house with respect to provisions in the type of mortgage sought by the homebuyer.
Final Walk-Through Inspection
This is a final inspection of the property conducted by the buyer and the real estate agent. The final walk-through normally takes place a day or two before closing / settlement. The purpose of this inspection is to ensure that any repairs agreed upon in advance have been made, and that no other issues have arisen.
If you have any questions concerning home inspections or/and home buying process – contact us or leave us a comment below.
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