Clear Capital Reports Sudden, Dramatic Drop In Home Prices

Posted by Orb Staff on October 22, 2010 No Comments
Categories : Residential Mortgage

National home prices have dropped 5.9% in the last two months and are now at the same level seen in mid-April, two weeks prior to the expiration of the federal home-buyer tax credit, Clear Capital reports.

The firm's most recent Home Data Index, which covers data through Oct. 22, shows ‘even more pronounced price declines than our most recent HDI market report released two weeks ago,’ says Alex Villacorta, Clear Capital's senior statistician.

‘At the national level, home prices are clearly experiencing a dramatic drop from the tax-credit-induced highs, effectively wiping out all of the gains obtained during the flurry of activity just preceding the tax-credit expiration,’ Villacorta says.

SOURCE: Clear Capital

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