The Good News- Home Prices Up, Bad News- 25% Underwater
The Good
Today’s S&P/Case-Shiller Home Price Indices showed several cities enjoyed rising home prices recorded in the fourth quarter of 2009 like San Francisco where prices rose 4.8% from Q4 2008, followed by a 3% increase in Dallas and a 2.7% increase in San Diego. Washington, Denver, and Boston also saw price increases.
Nationally, the home prices dropped 2.5% but the numbers were massively drug down by cities like Las Vegas that dropped 20.6% and Tampa that dropped 11%, so the fact that so many cities increased is encouraging.
The Bad
Ending 2009, 25% of mortgage holders owe more than their homes are worth, according to First American CoreLogic with problem areas like Nevada plaguing the national average as 70% of borrowers underwater. More than 50% of borrowers Florida and Arizona as well as 33% of California borrowers are underwater.
The Ugly
The ugly of all of this news is that it’s great that some cities saw home price increases, that saves some homeowners from being underwater, but for the areas that are suffering in home prices, the rate of those underwater is exaggerated. Some areas appear to be experiencing some stabilization but others (most notably Nevada) are still in critical condition.
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This article published on Tuesday, February 23rd, 2010 at 9:48 pm | Contact the editor
Topics: News
About this Columnist (Full Profile)
AGBeat Editor-in-Chief: Lani, named one of Real Estate’s 100 Most Influential, as well as 12 Most Influential Women in Real Estate, is a business writer hailing from the great state of Texas in the city of Austin. As a digital native, Lani is immersed not only in advanced technologies and new media, but is also a stats nerd often burried in piles of reports. Lani is a proven leader, thoughtful speaker, and vested partner at AGBeat.
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- S&P Case-Shiller Home Price Index Shows Market Improvement:
[...] month’s S&P Case-Shiller reports shows home prices trending up in most cities despite a national average 2.5% dip but also revealed [...]
Benn Rosales
Conal Campbell
Elijah May
Lani Rosales
Tara Steele
Marti Trewe
Charlene Jimenez
Awesome news, thanks for the heads up!
“Our greatest glory is not in never failing, but in rising up every time we fail.” – Ralph Waldo Emerson. At least we are not living in Greece right now! Plus, a home is only truly underwater if you are going to sell it, if you are not, it’s just a paper loss. Nonexistent even.