Home Prices Lose Momentum in 3rd Quarter
Fifteen of the 20 cities in the index's composite are down over the last 12 months, although only Tampa, Fla., hit a new low. The number of foreclosures and the end of homebuyer tax incentives likely dragged down the market. (See the end of this post for a larger view of chart.)
As the economy teeters, the hidden inventory of homes with deliquent mortgages and pending foreclosures, including a fair number of vacant homes, insures that prices are unlikely to improve for quite a while. Additionally, new home construction remains at less than half its normal rate.
To see more in-depth information on the top 20 housing markets, visit our Case-Shiller gallery.
For more on home prices and related topics see these AOL Real Estateguides, whether you're looking to buy or sell:
- Home Value: What the Web Can and Can't Tell You
- How to Shop for Your First Home
- How to Price a Home to Sell Fast
- How to Get a Low Mortgage Rate
More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Get property tax help from our experts.