More bad news for the ailing housing market - home prices have plunged 10.7% in the last twelve months, according to the S&P Case/Shiller Home Price index. 
The survey measures twenty metro areas across the nation. Of the twenty metro areas, sixteen cities reported record declines for the last twelve months ending in January. Not surprisingly, foreclosure plagued Las Vegas and Miami recorded the biggest declines, while Charlotte, North Carolina was the only city to report a positive, though slight, increase of 1.8%. Meanwhile, in metro California and Florida -cities that fueled the housing boom- reported price double digit declines. In California, Las Angeles home prices fell 19.3% and San Francisco dropped 13.2%. In Florida, Tampa housing prices plunged an even 15%. "Unfortunately it does not look like early 2008 is marking any turnaround in the housing market," says David M. Blitzer, managing director and chairman of the Index Committee at Standard & Poor's. And don't expect the national market to bounce back anytime soon. With a twelve month supply of inventory still on the market, it is going to take a long time for housing market to recover. However, with lower, more affordable housing prices (as opposed to artificially inflated prices during the boom) the environment for homebuyers is improving. As a result, if you're in the market to buy, now is the time, granted you qualify for financing. (Written by: K. Skowronski) Article Sources Home prices: Down record 11%, CNNmoney.com S&P/Case-Shiller Home Price Indices, Standard and Poor's.com Housing Bubble Watch: Home Prices Decline For First Time In 11 Years, MortgageNewsDaily.com
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