U.S. home prices are falling again in most major cities, but are experiencing a slight rebound in Portland after a three month slump.
U.S. home prices are falling again in most major cities, but are experiencing a slight rebound in Portland after a three month slump.
The Standard & Poor’s/Case-Shiller index released Tuesday showed prices dropped in September from August in 17 of the 20 cities tracked. That was the first decline after five straight months in which at least half the cities in the survey showed monthly gains.
David M. Blitzer, chairman of S&P’s index committee, said that while the steep price declines seen between 2007 and 2009 appear to be over, home prices are down from the same time last year and do not show signs of easing.
Americans are reluctant to purchase a home more than two years after the recession officially ended. High unemployment and weak job growth have deterred many would-be buyers. Even the lowest mortgage rates in history haven’t been enough to lift sales.
Read more at OregonLive.com.
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