Home Prices Hit Five-Year Low

An index of home prices in the country's major metro areas has sunk to its lowest level since the housing bubble burst in late 2006.

Prices fell from February to March in 18 of the metro areas tracked by the Standard & Poor's/Case-Shiller 20-city index. And prices in a dozen markets have reached their lowest points since the housing crisis began. Prices in March rose only in the Seattle and Washington, D.C., metro areas.

A record number of foreclosures are forcing home prices down, and they are expected to keep falling through this year.

The 12 cities now at their lowest levels in nearly four years are: Atlanta, Charlotte, Chicago, Cleveland, Detroit, Las Vegas, Miami, Minneapolis, New York, Phoenix, Portland, Ore., and Tampa.

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  • by Back Location: Gvlle on Jun 1, 2011 at 06:56 AM
    Home prices in DC rose because many high paying government jobs were UNECESSARILY created by the wannabe president and his flock of dermocrats. Nice to know my tax dollars are helping someone. I just wish I could have some of it back to ease some of my burdens.
  • by Tyrrell CountyNothing Location: HereButTaxes on May 31, 2011 at 06:39 PM
    I really dont understand how this works.I own two homes and 3 acres that these homes are on.The tax office says combined they are only worth now around $100k.I went just a few miles from my house the other day and saw a home for sale around the value of 1 home of mine(in my eye) and the lot was only 3/4 of an acre.I called the realistate company that is trying to sale it and they want $118,000 for it non negotiable!Whats up with that?From my understanding home prices have hit a low all around this country.Looks like tyrrell county are a bunch of con artist.DO NOT MOVE TO THIS LITTLE PATHETIC COUNTY!Families work together in this court system and the municipal building and the tax office.This little county is very corrupt.
  • by pete Location: grifton on May 31, 2011 at 04:41 PM
    The lenoir county tax dept will look at this and laugh.
  • by Fact Bringer Location: Greenville on May 31, 2011 at 01:38 PM
    What goes up must come down, what goes down must come up. The problem is with deregulation combined with bail outs the economy GNP curve and other natural trends became unnatural and people whose job it is to make money are well aware if they fail, they will simply be paid off. It is the commonplace investor that doesn't get that luxury. We lose our savings, we get no bail out, and our disposable income becomes our basic needs income. Then we have nothing left to invest. This means the upper tier has harvested money from the rest of us. That's not a free market. Both parties are complicit in this.
    • reply
      by Spot on!!! on Jun 1, 2011 at 05:56 AM in reply to Fact Bringer
      You got that right!! What gets me is the Fed. QE1 & QE2(quanitative easing) have flooded the market with money which increased assets(stocks) which help the rich, but caused commodities e.g. fuel/food to cost more which hurts the poor and middle class. It forces people to invest in the stock market to get a return and discourages savings due to little or no return!! Big banks are getting their money for a little to nothing, and then charging us 29% intrest!! Wall Street/DC are run by crooks!!!! The Fed now has about 3 Trillion of our money on their books!!!
  • by OSOC Location: Washington on May 31, 2011 at 10:31 AM
    Well, in Washington, the went up 300% on property values along the river. This more than doubled our taxes. Imagine having a $400K fishing trailer you bought for $70K 10 years ago! Only problem....no one will buy it for that...
  • by Wii get worse!!! Location: USA on May 31, 2011 at 09:55 AM
    Unfortuneately this has NOT finished. Probably there needs to be a principle drop on all loans where this is happening; however, banks will NOT consider this. Let's bring the troops home and not start another war, and spend the money saved to help the banks absorb these losses. That's the only way it will happen, as the banks will go belly up if they take on all losses. Sure wish DC was not for sale(BOTH partys) so they would do what's right for constituents and NOT special interests!! Between real estate mess, our broken health care delivery system and our corrupt democracy(votes for sale) we're in for a terrible mess i.e. another Depression!!!!
  • by Viking Location: Greenville on May 31, 2011 at 08:17 AM
    I am more interested in what the market is like here. This report is based on major cities that are not anywhere near Greenville.
    • reply
      by Anonymous on May 31, 2011 at 10:04 AM in reply to Viking
      I agree. Houses still seem to be very expensive in eastern NC.
    • reply
      by Look in the paper on Jun 1, 2011 at 05:59 AM in reply to Viking
      Look in the legal section(1st part of classified) the notices of foreclosures are increasing rapidly!! EVERYWHERE!!!!!!
  • by bullet Location: please on May 31, 2011 at 07:39 AM
    Lets say you purchased a home in 2000 for($150'000.00),Ten yrs. later(the market dropped your resale value to $110'000.00)...Also in 2010 your county dropped the area property values by 50 percent,but(not your taxs)!!!That is why your the hundredth person with a moving van at your corner stop sign!!!
    • reply
      by Anonymous on May 31, 2011 at 04:48 PM in reply to bullet
      Bullet, Craven County raised all the evaluations last year. What county are you living in ? We're paying more than ever when the property is worth 30% less.
      • reply
        by bullet/please on Jun 1, 2011 at 05:07 AM in reply to
        So hows it feel seeing your property value and taxes go up?...Then the housing market is affecting your ablity to sell?...I live in carteret and my property value went(40%)down!!!I'm the hundreth person with a moving van at the stop sign!!!

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