Western U.S. Dragging Down Home Prices
Western U.S. Dragging Down Home Prices
Western U.S. Dragging Down Home Prices
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March 10, 2011 (Shirley Allen)
mortgage-home-price-fall-image
Home prices in the United States showed a slight decline overall for the three month period ending in February 2011 according Clear Capital’s Home Data Index (HDI), but the Western region of the U.S. is poised for a double dip by the end of the first quarter, 2011, if current trends prevail.

The HDI reports a quarter-over-quarter price decrease of 1.4 percent through the most recent quarter ending in February largely due to the 4.5 percent decrease in prices in the western U.S. The report predicts that the western region could experience a double dip as soon as next month.

Prices dropped 1.6% in the Midwest, increased 0.3% in the Northeast and remain flat in the South.

“Despite distressed inventory pressure and traditional winter inactivity, current trends are continuing to show a softening of price declines,” said Dr. Alex Villacorta, director of research and analytics at Clear Capital. “The 3.9 percent quarterly decline we observed in December has given way to moderating declines with the national price index now down only 1.4 percent, suggesting a leveling of prices is on track for spring.”

The report expresses several positive factors that enforce their belief that the price declines are softening and that prices may be bottoming out. Pointing out that compared to 2009, in the current economic environment, credit is becoming more available (albeit still limited), institutions have a better understanding of distressed pricing and marketing, as well as the damaging effects of flooding the market with distressed inventory. In addition to market participants being better informed, unemployment has finally ticked downward to 8.9 percent from its peak of 10.1 in October of 2009, GDP has ticked up 4.2 percent, and the Dow Jones continues to add point’s on-top of its already impressive 80 percent-plus two-year return.

However, these positive signs have yet to extend into the greater housing market as distressed activity and inventories remain highly elevated. And although home prices nationally have increased by 4.2 percent over the last two years, some markets and regions are on the verge of reaching new lows.

“From a larger perspective, prices are still up 4.2 percent off of the absolute lows of the housing crash, a sign that long term gains can be realized amidst the volatile behavior of the last two years,” added Villacorta. “Yet, when comparing this growth to other economic indicators over the same time period, it is clear that the housing market still has a long way to go toward a sustained recovery.”

As prices continue to slide, new record price lows for the West are only 0.7 percent away and could be realized as early as next month. Not surprising, Las Vegas, NV (-22.2%); Tucson, AZ (-20.8%) and Phoenix, AZ (-17.1%) lead in terms of poorest price performance over the past two years. What might not be expected is that Seattle, WA (-16.9%) and Portland, OR (-14.6%) experienced the next poorest positions, largely a result of the approximately one year delay both these markets have experienced compared to the national cycle.

Other struggling markets also continued to see prices erode. Detroit prices fell the most over the last three months, down 13.3%, followed by Milwaukee, Wis. (down 13.1%), Raleigh, N.C. (down 10.5%), Dallas, Texas (down 9.3%) and Fresno, Calif. (down 7.6%). Other under performing markets in the West include Sacramento, Portland, Ore., and San Francisco.

Memphis home prices performed the best over the three months ended in February, up 7.6%, followed by Rochester, N.Y. (up 5.4%), Atlanta, Ga. (up 4.1%), Cleveland, Ohio (up 3.8%) and New York, N.Y. (3.7%).

Tags: Clear Capital, Home Data Index, housing prices, double dip, distressed pricing, distressed properties, national price index

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Todays Mortgage
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March 10, 2011 (Shirley Allen)
mortgage-home-price-fall-image
Home prices in the United States showed a slight decline overall for the three month period ending in February 2011 according Clear Capital’s Home Data Index (HDI), but the Western region of the U.S. is poised for a double dip by the end of the first quarter, 2011, if current trends prevail.

The HDI reports a quarter-over-quarter price decrease of 1.4 percent through the most recent quarter ending in February largely due to the 4.5 percent decrease in prices in the western U.S. The report predicts that the western region could experience a double dip as soon as next month.

Prices dropped 1.6% in the Midwest, increased 0.3% in the Northeast and remain flat in the South.

“Despite distressed inventory pressure and traditional winter inactivity, current trends are continuing to show a softening of price declines,” said Dr. Alex Villacorta, director of research and analytics at Clear Capital. “The 3.9 percent quarterly decline we observed in December has given way to moderating declines with the national price index now down only 1.4 percent, suggesting a leveling of prices is on track for spring.”

The report expresses several positive factors that enforce their belief that the price declines are softening and that prices may be bottoming out. Pointing out that compared to 2009, in the current economic environment, credit is becoming more available (albeit still limited), institutions have a better understanding of distressed pricing and marketing, as well as the damaging effects of flooding the market with distressed inventory. In addition to market participants being better informed, unemployment has finally ticked downward to 8.9 percent from its peak of 10.1 in October of 2009, GDP has ticked up 4.2 percent, and the Dow Jones continues to add point’s on-top of its already impressive 80 percent-plus two-year return.

However, these positive signs have yet to extend into the greater housing market as distressed activity and inventories remain highly elevated. And although home prices nationally have increased by 4.2 percent over the last two years, some markets and regions are on the verge of reaching new lows.

“From a larger perspective, prices are still up 4.2 percent off of the absolute lows of the housing crash, a sign that long term gains can be realized amidst the volatile behavior of the last two years,” added Villacorta. “Yet, when comparing this growth to other economic indicators over the same time period, it is clear that the housing market still has a long way to go toward a sustained recovery.”

As prices continue to slide, new record price lows for the West are only 0.7 percent away and could be realized as early as next month. Not surprising, Las Vegas, NV (-22.2%); Tucson, AZ (-20.8%) and Phoenix, AZ (-17.1%) lead in terms of poorest price performance over the past two years. What might not be expected is that Seattle, WA (-16.9%) and Portland, OR (-14.6%) experienced the next poorest positions, largely a result of the approximately one year delay both these markets have experienced compared to the national cycle.

Other struggling markets also continued to see prices erode. Detroit prices fell the most over the last three months, down 13.3%, followed by Milwaukee, Wis. (down 13.1%), Raleigh, N.C. (down 10.5%), Dallas, Texas (down 9.3%) and Fresno, Calif. (down 7.6%). Other under performing markets in the West include Sacramento, Portland, Ore., and San Francisco.

Memphis home prices performed the best over the three months ended in February, up 7.6%, followed by Rochester, N.Y. (up 5.4%), Atlanta, Ga. (up 4.1%), Cleveland, Ohio (up 3.8%) and New York, N.Y. (3.7%).

Tags: Clear Capital, Home Data Index, housing prices, double dip, distressed pricing, distressed properties, national price index

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
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Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools

March 10, 2011 (Shirley Allen)
mortgage-home-price-fall-image
Home prices in the United States showed a slight decline overall for the three month period ending in February 2011 according Clear Capital’s Home Data Index (HDI), but the Western region of the U.S. is poised for a double dip by the end of the first quarter, 2011, if current trends prevail.

The HDI reports a quarter-over-quarter price decrease of 1.4 percent through the most recent quarter ending in February largely due to the 4.5 percent decrease in prices in the western U.S. The report predicts that the western region could experience a double dip as soon as next month.

Prices dropped 1.6% in the Midwest, increased 0.3% in the Northeast and remain flat in the South.

“Despite distressed inventory pressure and traditional winter inactivity, current trends are continuing to show a softening of price declines,” said Dr. Alex Villacorta, director of research and analytics at Clear Capital. “The 3.9 percent quarterly decline we observed in December has given way to moderating declines with the national price index now down only 1.4 percent, suggesting a leveling of prices is on track for spring.”

The report expresses several positive factors that enforce their belief that the price declines are softening and that prices may be bottoming out. Pointing out that compared to 2009, in the current economic environment, credit is becoming more available (albeit still limited), institutions have a better understanding of distressed pricing and marketing, as well as the damaging effects of flooding the market with distressed inventory. In addition to market participants being better informed, unemployment has finally ticked downward to 8.9 percent from its peak of 10.1 in October of 2009, GDP has ticked up 4.2 percent, and the Dow Jones continues to add point’s on-top of its already impressive 80 percent-plus two-year return.

However, these positive signs have yet to extend into the greater housing market as distressed activity and inventories remain highly elevated. And although home prices nationally have increased by 4.2 percent over the last two years, some markets and regions are on the verge of reaching new lows.

“From a larger perspective, prices are still up 4.2 percent off of the absolute lows of the housing crash, a sign that long term gains can be realized amidst the volatile behavior of the last two years,” added Villacorta. “Yet, when comparing this growth to other economic indicators over the same time period, it is clear that the housing market still has a long way to go toward a sustained recovery.”

As prices continue to slide, new record price lows for the West are only 0.7 percent away and could be realized as early as next month. Not surprising, Las Vegas, NV (-22.2%); Tucson, AZ (-20.8%) and Phoenix, AZ (-17.1%) lead in terms of poorest price performance over the past two years. What might not be expected is that Seattle, WA (-16.9%) and Portland, OR (-14.6%) experienced the next poorest positions, largely a result of the approximately one year delay both these markets have experienced compared to the national cycle.

Other struggling markets also continued to see prices erode. Detroit prices fell the most over the last three months, down 13.3%, followed by Milwaukee, Wis. (down 13.1%), Raleigh, N.C. (down 10.5%), Dallas, Texas (down 9.3%) and Fresno, Calif. (down 7.6%). Other under performing markets in the West include Sacramento, Portland, Ore., and San Francisco.

Memphis home prices performed the best over the three months ended in February, up 7.6%, followed by Rochester, N.Y. (up 5.4%), Atlanta, Ga. (up 4.1%), Cleveland, Ohio (up 3.8%) and New York, N.Y. (3.7%).

Tags: Clear Capital, Home Data Index, housing prices, double dip, distressed pricing, distressed properties, national price index

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.