You were hoping the worst was over, but then they release the latest stats showing that home prices tumbled by the sharpest annual rate on record ending the fourth quarter of 2008.
The widely watched Standard & Poor's/Case-Shiller U.S. National Home Price Index plunged 18.2 percent for the fourth quarter of 2008 compared to the same period a year ago. That makes it the largest year-over-year drop in its 21-year history. The index shows homes prices at levels not seen since the third quarter of 2003.
Home prices in the 20-city index have dropped by 27 percent from its peak in the summer of 2006, and the 10-city index has fallen more than 28 percent.
Again, Norada Real Estate Investments reminds investors that there is no “national” real estate market and the all real estate is local. Therefore, focus on local markets nationwide that offer great buying opportunities and make sense the day you buy them.