The home price index shows a double dip and continue a downward spiral. Standard & Poor takes into consideration the false rebound in 2009 from the homebuyer tax credit, and claims there has essentially been no recovery at all. Overall, prices have fallen greater than they did during the Depression. There are many, many homes on the market, demand is low and the foreclosure environment all contribute to the bleak prospect for housing recovery any time soon.
Of course, there are pockets where this does not hold true. Markets that did not over-inflate during the boom years maintain their value and remain consistent. Particular areas, neighborhoods and types of homes never suffered and continue to be successful.
Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.
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