House Values drop 16.6%

WASHINGTON — Home prices in 20 major U.S. cities dropped 1% in August compared with July and had fallen a record 16.6% from the previous year, according to the Case-Shiller home price index published Tuesday by Standard & Poor’s. Prices have fallen in all 20 cities compared with a year ago. Only two of the 20 cities showed price gains in August: Boston and Cleveland. The largest declines in August were found in the San Francisco metro area, where prices fell 3.5%. In the past year, Phoenix and Las Vegas have had the largest declines, down nearly 31% in both cities. For the original 10-city index, prices fell a record 17.7% in the previous 12 months.

As you can see the bottom is very near. If you take a look at all the trends we should start rebounding within the next 6-8 months. You never wait for the bottom to start investing because firstly you can never predict the bottom and secondly the fear of the market are giving way to incredible deals for pennies on the dollars.

Happy Investing

J.T. Foxx