Monday, December 21, 2009
In first eleven months of 2009 there has been rise in the prices of US homes. According to a real estate firm, loss in the values of homes has been $489 billion in 2009, which is less than $ 3.6 trillion in 2008.
Rise in prices is not sustainable as there is a gap in the demand and supply of residential houses in 2010. The volume of foreclosures is still high and people are less interested in buying home owing to unaffordable mortgage rates. The areas where home values have stabilized include Boston, Atlanta, Denver, Providence and Rochester. There are certain markets where there is fall in home values which include Chicago, Phoenix, Los Angeles, New York and Miami-Fort Lauderdale.
Rise in prices is not sustainable as there is a gap in the demand and supply of residential houses in 2010. The volume of foreclosures is still high and people are less interested in buying home owing to unaffordable mortgage rates. The areas where home values have stabilized include Boston, Atlanta, Denver, Providence and Rochester. There are certain markets where there is fall in home values which include Chicago, Phoenix, Los Angeles, New York and Miami-Fort Lauderdale.



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