Recent reports show housing prices in the US continuing to drop. We get this from a recent HousingWire report:
December home prices fell 5.4% from a year ago, the fifth straight month of declines, according to data provider CoreLogic.
The decrease was steeper in December than the revised 4.39% drop in November. For all of 2010, though, home prices showed no change from the year before and some signs of stabilization. From 2008 to 2009, home prices fell 12.7%. CoreLogic Chief Economist Mark Fleming said 2010 was a year of volatility with the expiration of the homebuyer tax credit.
“It was a bumpy ride which ended with a net gain/loss of zero. Despite the continued monthly decline in home prices and year-over-year depreciation, we’re encouraged that on an annual basis we’re unchanged relative to a year ago,” Fleming said. “Excess supply continues to drive prices downward, but the silver lining is that the rate of decline is decelerating.”
If you still have any equity in your home it is much easier to refinance to a better mortgage rate than if you are significantly underwater. If you would like to improve your mortgage situation contact us in the sidebar to see which programs apply to your family right away before housing prices slide further.