House Price decline eases in the US.

August 26, 2008 · By Faizan Filed Under Finance

The down slope of house prices in United States finally appears to be slowing down. It is the biggest fall in 25 years.

House prices are down 15.9% compared with last year, which is less than what economic forecasts showed.

David Blitzer, Chairman of the Index Committee at Standard & Poor said “While there is no national turnaround in residential real estate prices, it is possible that we are seeing some regions struggling to come back, which has resulted in some moderation in price declines at the national level”.

Chief economist at Janney Montgomery Scott LLC, Guy Lebas, “We’re seeing a slowing in the pace of home-price depreciation,”. Hey indicated that it would not be until next year that we see a significant improvement, “The middle of next year is when we would expect to see some improvement.”

Homes for sale are on the constant increase fueled by the difficulty of obtaining mortgage loans.

Prices in Las Vegas have fallen the most, which plunged 28.6% year after year. Next in line was Miami at 28.3%.

Although Boston and Denver showed some signs of hope, prices rose 1.2% and 1.5 % respectively. Prices in Dallas and Charlotte, climbing 1%, have been rising for four consecutive months.

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