Housing prices fall again |
News - Financial News | |||
Written by Hugh McManus | |||
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August 26, 2008: Housing data released today showed that continue to fall, with the media price declining by over 6 percent. In the second quarter, prices dropped by the largest amount ever recorded, plummeting 15.4%. The decline happened all over the country, but the biggest declines were in the sun-belt states: those that saw the greatest run up during the housing bubble. Meanwhile, new home sales rose in July by 2.4 percent over the June figure; year over year, the July 2008 figure represents a decline of 3.53 percent compared to the July '07 figure. Declining home prices further hamper the chances of a recovery, since rising rates of interest coupled with tightening lending standards make it almost impossible for those with negative equity to refinance.
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