Homes still lose their value by Jana Passova

A bed situation with declining home prices and home sales is continuing. Sales of homes are still falling down. In February, there were sold only 590.000 units in comparison to July 1994 when around 1.389 million units were sold. The median price, it is a point, where half of the homes were sold for more and the other half was sold for less, is somewhere around 244.100 dollars for unit. It is a decline of 2.7 percent in comparison to 2007. All these things confirm a fact that prices in 16 of 20 major cities recorded annual price drop. This can bring new problems of overall economy.This situation is so heavy that builders have to cut their constructions and apartments are sold with discounts. It does not even help. A demand is weak. There is no interest to make a purchase for a home that is constantly loosing its value on the market. On the other side there are some difficulties to get a mortgage because of tighter conditions.Sales of new homes dropped in the Northeast of United States and in the Midwest. Better situation is in the South and West part.There are some analyses that say, all that problems should finish in the second part of the year and the situation should very slowly get better. Anyway a danger of economical problems that relate to this situations is still here. There should be reported new GDP results in a short time. Analysts believe that a country is in a recession and a situation starts improving soon.

by Jana Passova for PocketNews (http://pocketnews.tv)

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Edited by: Katarina Bosanska