So what’s really going on in today’s real estate market? It seems like one day the news is good and the next day its bad. Home sales are up says one source, and down says another. Perhaps it’s impossible to gage the market with complete accuracy but in general, the real estate market is still suffering with home sales values remaining low.
Real Estate Market Facts
- During the first three months of 2011, less new homes were sold in the United States than in any three month period ever recorded.
- Home prices nationally have declined 32% from the peak of the housing bubble.
- Home values in the U.S. have fallen an astounding 6.3 trillion dollars since the housing crisis first began.
- The unemployment rate remained above 9 percent as of June, 2011 and continues to climb.
- According to a recent census report, 13% of all homes in the United States are sitting empty.
- Total home mortgage debt in the U.S. is now 5 times larger than it was just 20 years ago.
- Newly initiated foreclosures are up 12.7% from one year ago.
- Bank repossessions and short sales now make up approximately 30% of all hom sales in the United States.
- Nationwide, the average processing time for a foreclosure has more than doubled to 400 days since 2007.
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