A new report released by S&P Case/Shiller Home Price Index showed an average 11 percent decline in 20 key markets. Such new record low has further deepened the housing market crisis but experts were not at all surprised.
Real estate gurus have always stated that having a large inventory of homes for sale including foreclosed properties in the market can drive down home prices faster than other factors. Cities such as Miami and Las Vegas which once experienced the highest increase in home prices are experiencing sharp reversals.
The steep decline in home prices may come as bad news for owners and sellers but for buyers, it is certainly a good thing. Real estate properties are now more affordable and the large inventory means more homes to choose from.
If you are a buyer, you may want to check out these metro areas that experienced a steep decline in home prices.
- Las Vegas: – 19.3%
- Miami: – 19.3%
- Phoenix: -18.2%
- San Diego: -16.7%
- Los Angeles: -16.5%
- Detroit: -15.1%
- Tampa: -15%
- San Francisco: -13.2%
- Washington: -10.9%
- Minneapolis: -10%
As always, you can expect foreclosure homes to have the lowest asking prices. These properties were repossessed by the lenders because their owners failed to fulfill their mortgage obligations. Buyers and investors looking to save much money and still enjoy great return potential will surely find these foreclosed homes to be the ideal choice.
There are several resources you can explore to obtain the hottest leads to these repossessed properties. But if you want convenience above all else, make sure you subscribe to foreclosure listings such as those offered by Foreclosure Listings Nationwide. You will be able to browse through thousands of foreclosure properties and come up with a shortlist of potentials easily.
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