US Housing Prices Still Going Down - Yes, Brooklyn NY, too

Prices of single-family homes in the 20 largest U.S. metropolitan areas fell 3.1 percent in January compared with January 2010, the sixth consecutive monthly decline, Standard & Poor's said Tuesday.

The January data "bring us weakening home prices with no real hope in sight for the near future," David Blitzer, Chairman of the S&P/Case-Shiller Home Price Indexes, commented today in a statement. "At worst, the feared Double-Dip recession in the housing market may be materializing."

Prices in the 20 biggest U.S. metro areas are down more than 31 percent since peaking in the third quarter of 2006.

Sales of new homes fell 16.9 percent last month compared with January and by a 28 percent from the level of February 2010, the U.S. Commerce Department said last week.

While the National Association of Realtors reported the inventory of unsold existing homes rose 3.5 percent to 3.49 million in February, meaning that 8.6 months would be required to sell those properties if purchases continue at the current pace.

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New Home Sales Decline to Record Low in February

Purchases of new U.S. homes unexpectedly declined in February to the slowest pace on record and prices dropped to the lowest level since December 2003, according to the Commerce Department.

Sales decreased 16.9 percent from January to a 250,000 annual pace, or registered a 28 percent decline year over year.The median price fell 8.9 percent from the same month, last year.

In addition, existing-home sales dropped 9.6 percent in February to a seasonally adjusted annual rate of 4.88 million from January, and are 2.8 percent below the 5.02 million pace in February 2010.

These number suggest that the US Housing Market may experience a Double-Dip going forward.That wouldn't be great for home owners or sellers...

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US Housing Start numbers are Near All Time Low - Suggesting the ongoing weakness in the US Housing Market

New construction of U.S. housing units plunged in February, coming close to an all-time-low level.

Starts fell 22.5% to a seasonally adjusted annual rate of 479,000, the Commerce Department said. This is just 0.4% above the record low of 477,000 units set in April 2009.

The decline in starts in February was the largest since March 1984.

This number shows that US home builders are NOT confident in the US Housing Market at all and they are unwilling to build new houses.

It also suggests a possible continuous weakness in the local Brooklyn NY market.

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Surging Oil Prices seem to be affecting US Housing Market

The Mortgage Bankers Association said today that its Mortgage Application Index fell 6.5 percent in the week ended February 25.


The MBA's seasonally adjusted index of refinancing applications decreased 6.5 percent, while the gauge of loan requests for home purchases was down 6.1 percent.


Some economists suggest that this is because of the surging oil prices. Now that the NY oil future prices are more than $100 per barrel, people are spending more at the pump. Therefore, they don't want to get into a big purchase like a home now.


Since the Middle Eastern and North-African conditions including Libya, are getting worse, it is likely that we will see $150-200/barrel oil prices soon. That would cause a huge damage to US housing market. That would make selling a house in our local Brooklyn market even harder.

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However, if you find yourself in a situation where you need to sell your house right now, there is always a way. You can sell your house to cash investors.


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"Can I Sell My House Fast in Brooklyn NY?" Absolutely YES, You Can!!!

"Can I Sell My House Fast?" you may be wondering. Especially in this downturn housing market, where heavily discounted foreclosed properties are everywhere in the local Brooklyn NY areas.

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Facing a foreclosure, bankruptcy? Or having tax liens, back payments attached to your house? Or perhaps, you have NYC Code Violation issues?

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Call our Toll Free, 24HR Recorded Message System at 1-888-282-0423.
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