St Louis Mortgage Loan and Lending: Home Prices Have Been Lower

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St Louis Finance and Loan Audit News: Home Prices 4.1 Percent Lower In 2010
St Louis Home Mortgage and Commercial Loans | Principal Reduction Program
877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending and Loan Compliance Advocate

American home prices were turbulent through 2010 ending up 4.1 percent lower than the year before, according to analytics firm Clear Capital. And prices are expected

to fall another 3.6 percent over 2011.

The homebuyer tax credit proved an artificial boost to home prices, which tapered off nearly as soon as it expired in April.

The period immediately after created probably the most volatile year of home prices in history, the report claims.

Values declined 5.3 percent over the first 12 weeks of the year, only to spike 9.7 percent through mid August.

But when the market left the summer months, prices dipped right back down another 9.4 percent.

"In terms of home prices, this past year has certainly been characterized by uncertainty,” Alex Villacorta, senior statistician at Clear Capital, said.

He went on to say that "tax incentives and high levels of distressed sale activity had counter effects on home prices which contributed to the fragility of the markets."

At least the decline in 2011 will be a smooth one.

The wild spikes experienced in 2010 will likely be replaced with more gradual price trends this year.

Price forecasts show varying levels of decline across all four regions in 2011, with local markets in the West expected to accumulate the largest overall losses," according to the Clear Capital report.

Prices fell in 70 percent of the major markets in the United States, and half experienced double-digit drops.

Those were Dayton and Columbus, Ohio; Milwaukee, Wisconsin; Tucson, Arizona; and New Haven, Connecticut; Jacksonville, Florida; Virginia Beach and Richmond, Virginia.

In Dayton, prices fell more than 22 percent from the year before.

2011 hasn't look much better for these markets.

Clear Capital expected all but Columbus and Milwaukee to experience double-digit declines again.

But some markets such as Washington, D.C. and Houston, Texas were expected to see brighter improvements.

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Articles and News Sponsored by Liberty Lending Consultants

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