Taxes Reassessed in Housing Slump as Prices Decline
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Downward assessments appear most pronounced in areas where the market was exploding just a few years ago, or where economic conditions are poorest.
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Home prices fell 6.7 percent in October, compared with a year ago, according to the S&P/Case-Shiller 10-city home-price index, a record drop as housing markets continued to deteriorate.
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Housing bust and falling sales-tax revenues remind some officials of the period before 2001 recession.
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Business & money: Housing market slows as mortgage approvals fall.
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Concern about interest rate hikes, the drop in new home construction, and tighter business inventories contributed to the decline.
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Prices of existing U.S. single-family homes recorded their biggest annual drop in October, suggesting the housing slump is far from over, a national home price gauge released on Wednesday showed.
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A Commerce Department report offered no clear picture of whether the worst of the nationâs housing slump is over.
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RIVERVIEW, Fla., Jan. 25 -- Piece by piece, as the economy has faltered and as the subprime mortgage crisis has taken hold, Ivan Toledo's grasp on his job, his house -- his entire middle-class life -- has come undone.
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Americans are taking substantially less equity out of the value of their homes than a year ago, a sign consumer spending may be set to recede, data compiled by a Federal Reserve economist suggest.
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Some experts contend that high borrowing rates and low supply signal ongoing decline.
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The slump in home prices was both deeper and more widespread than ever in the fourth quarter, according to a trade group report Thursday. Year-over-year, it was the biggest drop on record, said the National Association of Realtors. But David Lereah, the group's chief economist indicated the worst may be over. "When we get the figures for this spring, I expect to see a discernable improvement in both sales and prices."
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Property prices in the UK are falling to an extent not seen since the 1990s housing recession, warn surveyors.
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WASHINGTON -- Mortgage rates around the country fell this week, with rates on 30-year mortgages dipping to the second lowest level of the year, pushed down by further signs of economic weakness.
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Weak durable goods orders last month fueled concern on Thursday over the resilience of the U.S. economy to the country's steep housing slump.
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The median price of an American single-family home fell in 2007 for the first time in at least four decades, according to the National Association of Realtors.
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WASHINGTON - Sales of existing homes plunged a record amount in September while median home prices dropped by the largest amount in nearly a year, reflecting deepening problems in the troubled housing market.
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Ground-breaking on new U.S. homes last month fell to the slowest pace since 1991 and fewer building permits were issued than any time since 1993, according to government data released Thursday that points to a deepening housing crisis and heightened risk of recession.