Single-family home prices are depreciating

[TexasLawyer]

Not good.

S&P: Home Prices Worst Since '94
By VINNEE TONG 03.28.07, 1:10 AM ET

Prices of single-family homes across the nation depreciated in January compared to a year ago, the worst results in more than 13 years, a housing index released Tuesday by Standard & Poor's showed.

The data underscored disappointing sales data released by the government on Monday.

The S&P/Case-Shiller composite index showed a drop of 0.7 percent from a year ago in the price of a single-family home based on existing homes tracked over time in 10 metropolitan markets. In January 1994 the index dropped by 0.9 percent compared to January 1993, S&P said.

For its 20-city composite index, prices fell 0.2 percent. That data has been collected since 2001. Government sales figures reported Monday showed that the number of home sales in February fell to the lowest level in seven years, and followed an even larger drop of nearly 16 percent in January.

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http://www.forbes.com/feeds/ap/2007/03/28/ap3557908.html


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Dollar mostly lower against major currencies on continued housing concerns
The Associated Press
Published: March 28, 2007

NEW YORK: The dollar traded mostly lower against the other major currencies Tuesday after a U.S. report fueled concerns that the battered housing market could drag down the broader economy.

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The report, released Tuesday by Standard & Poor's, showed single-family homes across the United States depreciated in January compared to a year ago, the weakest results in more than 13 years.

The dollar was hit by similarly disappointing housing data Monday from the government that showed sales of new homes fell sharply for a second consecutive month in February.

A widely watched indicator of consumer sentiment fell on Tuesday to its lowest level since November, a warning sign that consumers could scale back spending and potentially threaten the economy. The Conference Board reported that its Consumer Confidence Index fell to 107.2, down from a revised 111.2 in February. Analysts had forecast a reading of 109.

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http://www.iht.com/articles/ap/2007/03/28/business/NA-FIN-MKT-US-Dollar.php

[madrchsod]

1. home prices where i live are flat

and foreclosed houses are dirt cheap. my daughters friend bought a two story one acre house for 80,000 and with improvements the bank is appraising near future value at 130,000...

[Demobrat]

2. Where do you live?

$80,000 sounds awfully cheap even now,

[lvx35]

3. Well, that's what you get from a generation of workers getting $7.00/hr

With college degrees. They can't afford homes. Prices will continue to drop in the long term here if our jobs continue to fly overseas.

[madville]

4. Doesn't sound like alot

The prices fell 0.7% in the last year ? So that means a $300,000 house a year ago is now ONLY worth $297,900 today. I'll probably buy another house one day but they will have to fall some more before I seriously consider it.