Due to foreclosures, the benchmark for national house prices fell 0.6 percent in February, the seventh straight monthly decline (IAS). By now, the normal seasonal upturn in housing activity should have begun,” said Dave McCarthy, president and CEO of Integrated Asset Services. “But we’re looking at trend lines for neighborhoods all around the country and we just aren’t seeing the typical forces at work.” More foreclosures bringing down the price instead.
Analysts believe one reason home values are under pressure is that foreclosed homes are adding to the inventory of unsold properties, which compete with more expensive new housing. According to the latest published figures, more than 300,000 homes received foreclosure filings last month, and the number may reach 4.5 million by year-end., thus look for more foreclosure homes for sale and REO home inventory to backup.
