Many think that the worst is over even though house prices in America were still roughly 18% lower than a year earlier. The latest Case-Shiller indices, released on June 30th, showed that prices continued to fall in April. The ten-city index was 0.7% lower than a month earlier, and the 20-city index went down by 0.6%. But these falls were the smallest since June 2008. The number of foreclosures in process rose by 22% in the first quarter of this year, and that the number of prime mortgages with payments at least 60 days late went up by 20%.
The government is stepping up its efforts to get people to take part in its anti-foreclosure program. Many look to housing to lead a broader economic recovery; they also believe that house prices indirectly affect consumer spending, both by allowing people to borrow against the value of their homes.
1 comment:
Yeah its correct the worst of economic crisis is over and still the American real estate market is not fully get out of its grasp. We have noticed that house prices are still at their lowest level in couple of years. So, it is the best time for buying but not for selling.
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