The Federal Housing Finance Agency's home price index declined for March, revealing that property prices throughout the country were 0.3 percent lower than February.
Overall, the HPI was down 2.5 percent during the first quarter of 2011 compared to the last quarter of 2010. Furthermore, prices are 5.5 percent lower year-over-year.
"In many local real estate markets, particularly those hit hard by this cycle, foreclosures and other distressed properties are still a key factor in recorded and anticipated future sales and may be delaying price stability or recovery," said Edward DeMarco, acting FHFA director.
Adding to the lower prices, RealtyTrac released its latest information that found distressed property sales accounted for 28 percent of all home transactions during the month, which lowers the country's median price.
Lower priced homes are among the best sellers in the country currently, as many consumers are still emerging from the recession. The Houston real estate market for single-family homes was down significantly during April, however, transactions involving home priced below $80,000 increased.
Courtesy of 2M Realty News