More signs of housing market trouble - Spokane, North Idaho News & Weather KHQ.com

More signs of housing market trouble

SPOKANE, Wash. - New numbers released Thursday show the deepening impact of the nation's sub-prime mortgage crisis.

A survey from the mortgage tracking group, Realtytrac Inc., shows nearly 60 percent more U.S. homes faced foreclosure in February, compared to the same month last year. There was one foreclosure filing for every 557 homes across the country.

Several weeks ago, in another sign of housing market trouble sales of existing homes dropped to their lowest level in nearly a decade.

The National Association of Realtors says sales dropped .4 percent last month. There was also a drop in the median home price which is down 4.6 percent from its level a year ago.

A new survey done by Standard & Poor's/Case Shiller says home prices dropped the most on record in the fourth quarter of 2007, citing a 9 percent drop for the quarter, compared to a year earlier. That's the largest drop in the 20-year history of the company that released the study.

Economists say prices could fall even more this year as buyers hold out for bargains and foreclosures add to the inventory of unsold properties.

Miami continues to lead the weakest markets, followed by Las Vegas and Phoenix.

Three metro areas showed year-over-year increases in prices.  They are Charlotte, North Carolina, Portland, Oregon, and Seattle, Washington.


With economists talking about an impending recession, how do you feel the economy is having an impact on your life?

I think there is to much prediction that a recession is on its way.  It will be come a self fulfilled prediction.  Housing cost were inflated and climbed to quickly.  The market is correcting its self.  Never have been, never will be a "big spender". 
-Julia Hale
Spokane Valley, WA

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