Housing prices continue to fall
Do you work in a jurisdiction where housing prices continue to fall? Check out this report at Clear Capital to see if your jurisdiction can expect more problems. Housing prices continue to fall due to foreclosure sales and continued unemployment but some area are harder hit than others. Areas with a lot of REOs are especially troublesome. The report found that:
…..every spike in REO saturation (REO saturation calculates the percentage of real estate owned properties sold as compared to all properties sold in the last rolling quarter) has corresponded with a decline in home prices, and vice versa.
The report was not all gloom and doom, finding that some areas of the country are doing better in 2011. But it looks like our problem with foreclosed homes is not going to go away anytime soon.
