According to Standard & Poor's S&P/Case-Shiller Home Price Indices, the U.S. National Home Price Index declined 2.0% in the third quarter of 2010, after having risen 4.7% in the second quarter. Nationally, home prices are 1.5% below the levels last year. In September, 18 of the 20 MSAs covered by S&P/Case-Shiller Home Price Indices and both monthly composites were down; and only the two composites and five MSAs showed year-over-year gains. While housing prices are still above their spring 2009 lows, the end of the tax incentives and still active foreclosures appear to be weighing down the market.
"While some of the bad numbers may reflect the end of the government's tax incentive for first time home-buyers, there are other problems weighing on the housing market," said David M. Blitzer, Chairman of the Index Committee at Standard & Poor's. "The national economy is certainly the number one issue for housing. Additionally, there is a large supply of houses on the market and further, hidden, supply due to delinquent mortgages, pending foreclosures or vacant homes. New construction is running at less than half the pace needed to meet normal demand, so a sustained recovery could be a ways off."
Every market is different and even some neighborhoods have stronger price recovery than others. Contact me to find out about prices in your local community of Hamilton NJ or Mercer County.
Joe Giancarli, SA
Real Estate Advisor
Short Sale Specialist
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.newjerseynewhomes.blogspot.com/
www.activerain.com/blogs/josephgiancarli
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