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Home Prices Continue Decline: RadarLogic
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Home Prices Continue Decline: RadarLogic
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Home Prices Continue Decline: RadarLogic
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March 21, 2011 (Shirley Allen)
mortgage-pricedrop-image
There’s more bad news for home prices according to another leading home pricing index. RadarLogic is reporting that home prices have declined to levels not seen since May of 2003. According to the company’s just released RPX Composite index, home prices for the Midwest, West, and the South declined in 2010 in excess of 5 percent from the year earlier with the prices in the Northeast declining just 1.5 percent.

On a month-over-month basis, the RPX Composite price performed worse than its 10-year average in 10 of 12 months in 2010. On a year-over-year basis, the performance of the RPX Composite price through December 31 was worse in 2010 than in any other year save for the bust years of 2007 and 2008.

“No matter what you call it, a ‘double dip’ or the continuation of a long process of deterioration, the current trend in home prices is evidence that housing markets are continuing to languish,” said Quinn Eddins, director of research at Radar Logic.

The 25-metro-area RPX Composite price reached its lowest level since its peak in 2007. The value is based on data from home sales that closed during the 28 days ending January 3, 2011. At $183.18 per square foot, the current RPX Composite price is 34 percent lower than its peak value of $278.32 per square foot, which reflects closings during the period ending June 8, 2007. The RPX Composite price is lower than the price for any other date since May 14, 2003.

The report points out that government intervention at the end of 2009 and the beginning of 2010, in the form of homebuyer tax credits, rather than jump starting the housing market only had a temporary effect as the stimulus expired. The rapid decline in the RPX Composite transaction count during July reflects waning demand after the June 30 contract signing deadline for the homebuyer tax credits. This contributed to a large year-over-year gain in transactions compared to 2009, but the termination of the credits contributed to a large year-over-year decline in 2010.

In 2010, REO sales increased from 26 percent to 31 percent of total sales, with 22 of the metropolitan areas exhibiting a year-over-year gain in REO sales’ share of total sales. REO’s were typically discounted a consistent 40% during the entire year of 2010.

As of December 31, prices for 20 of the 25 metropolitan areas had declined between 25 percent and 62 percent from their peaks with Las Vegas seeing the biggest decline at 61.8 percent. Unfortunately, RadarLogic says they expect the PRX Composite price will continue to exhibit year-over-year declines throughout 2011 due to a growing supply of homes both for sale and being held in the inventories of financial institutions as weakening demand due to a lack of government incentives for homebuyers.

“We expect the negative trend to continue under a severe supply overhang that includes a large and growing ‘shadow inventory’ of homes in default or foreclosure,” Eddins added.

Tags: RadarLogic, home price index, home prices, double dip, lowest price, level, homebuyer tax credit, REO sales, shadow inventory

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March 21, 2011 (Shirley Allen)
mortgage-pricedrop-image
There’s more bad news for home prices according to another leading home pricing index. RadarLogic is reporting that home prices have declined to levels not seen since May of 2003. According to the company’s just released RPX Composite index, home prices for the Midwest, West, and the South declined in 2010 in excess of 5 percent from the year earlier with the prices in the Northeast declining just 1.5 percent.

On a month-over-month basis, the RPX Composite price performed worse than its 10-year average in 10 of 12 months in 2010. On a year-over-year basis, the performance of the RPX Composite price through December 31 was worse in 2010 than in any other year save for the bust years of 2007 and 2008.

“No matter what you call it, a ‘double dip’ or the continuation of a long process of deterioration, the current trend in home prices is evidence that housing markets are continuing to languish,” said Quinn Eddins, director of research at Radar Logic.

The 25-metro-area RPX Composite price reached its lowest level since its peak in 2007. The value is based on data from home sales that closed during the 28 days ending January 3, 2011. At $183.18 per square foot, the current RPX Composite price is 34 percent lower than its peak value of $278.32 per square foot, which reflects closings during the period ending June 8, 2007. The RPX Composite price is lower than the price for any other date since May 14, 2003.

The report points out that government intervention at the end of 2009 and the beginning of 2010, in the form of homebuyer tax credits, rather than jump starting the housing market only had a temporary effect as the stimulus expired. The rapid decline in the RPX Composite transaction count during July reflects waning demand after the June 30 contract signing deadline for the homebuyer tax credits. This contributed to a large year-over-year gain in transactions compared to 2009, but the termination of the credits contributed to a large year-over-year decline in 2010.

In 2010, REO sales increased from 26 percent to 31 percent of total sales, with 22 of the metropolitan areas exhibiting a year-over-year gain in REO sales’ share of total sales. REO’s were typically discounted a consistent 40% during the entire year of 2010.

As of December 31, prices for 20 of the 25 metropolitan areas had declined between 25 percent and 62 percent from their peaks with Las Vegas seeing the biggest decline at 61.8 percent. Unfortunately, RadarLogic says they expect the PRX Composite price will continue to exhibit year-over-year declines throughout 2011 due to a growing supply of homes both for sale and being held in the inventories of financial institutions as weakening demand due to a lack of government incentives for homebuyers.

“We expect the negative trend to continue under a severe supply overhang that includes a large and growing ‘shadow inventory’ of homes in default or foreclosure,” Eddins added.

Tags: RadarLogic, home price index, home prices, double dip, lowest price, level, homebuyer tax credit, REO sales, shadow inventory

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
LOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at LoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

March 21, 2011 (Shirley Allen)
mortgage-pricedrop-image
There’s more bad news for home prices according to another leading home pricing index. RadarLogic is reporting that home prices have declined to levels not seen since May of 2003. According to the company’s just released RPX Composite index, home prices for the Midwest, West, and the South declined in 2010 in excess of 5 percent from the year earlier with the prices in the Northeast declining just 1.5 percent.

On a month-over-month basis, the RPX Composite price performed worse than its 10-year average in 10 of 12 months in 2010. On a year-over-year basis, the performance of the RPX Composite price through December 31 was worse in 2010 than in any other year save for the bust years of 2007 and 2008.

“No matter what you call it, a ‘double dip’ or the continuation of a long process of deterioration, the current trend in home prices is evidence that housing markets are continuing to languish,” said Quinn Eddins, director of research at Radar Logic.

The 25-metro-area RPX Composite price reached its lowest level since its peak in 2007. The value is based on data from home sales that closed during the 28 days ending January 3, 2011. At $183.18 per square foot, the current RPX Composite price is 34 percent lower than its peak value of $278.32 per square foot, which reflects closings during the period ending June 8, 2007. The RPX Composite price is lower than the price for any other date since May 14, 2003.

The report points out that government intervention at the end of 2009 and the beginning of 2010, in the form of homebuyer tax credits, rather than jump starting the housing market only had a temporary effect as the stimulus expired. The rapid decline in the RPX Composite transaction count during July reflects waning demand after the June 30 contract signing deadline for the homebuyer tax credits. This contributed to a large year-over-year gain in transactions compared to 2009, but the termination of the credits contributed to a large year-over-year decline in 2010.

In 2010, REO sales increased from 26 percent to 31 percent of total sales, with 22 of the metropolitan areas exhibiting a year-over-year gain in REO sales’ share of total sales. REO’s were typically discounted a consistent 40% during the entire year of 2010.

As of December 31, prices for 20 of the 25 metropolitan areas had declined between 25 percent and 62 percent from their peaks with Las Vegas seeing the biggest decline at 61.8 percent. Unfortunately, RadarLogic says they expect the PRX Composite price will continue to exhibit year-over-year declines throughout 2011 due to a growing supply of homes both for sale and being held in the inventories of financial institutions as weakening demand due to a lack of government incentives for homebuyers.

“We expect the negative trend to continue under a severe supply overhang that includes a large and growing ‘shadow inventory’ of homes in default or foreclosure,” Eddins added.

Tags: RadarLogic, home price index, home prices, double dip, lowest price, level, homebuyer tax credit, REO sales, shadow inventory

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
LOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.