NEW YORK, N.Y. — According to ForeclosureDataOnline.com, many states are still seeing a drop in foreclosure housing prices despite improvements in many parts of the United States. These statistics suggest investors and home buyers might want to hold out just a bit longer when buying foreclosure property in some states. Foreclosure home prices in at least five states are still dropping in significant amounts. In Kansas, for example, the prices for homes between July and August dropped from $81,069 to $76,660, which is more than a 5 percent drop.
New York and Alaska also saw drops of more than 4.5 percent during the same period with prices falling from $287,861 to $274,026 and from $217,289 and $206,921, respectively. Both Idaho and Maryland have also seen price decreases. Idaho prices fell by almost 4.4 percent ($154,114 to $147,341) while Maryland’s home prices dropped by just over 3.6 percent ($188,988 to $182,125).
While these price drops may suggest continued instability in the real estate market, the reality is that market is reaching equilibrium faster than expected thanks to several factors, including government assistance in the form reduced interest rates, incentives for first time home buyers, and more.
The statistics above have not been adjusted for seasonal comparison but because the statistics are comparing the states during the same period this does not detract from the usefulness of the data. Spring, not summer, months are normally when most home purchases are made.
More information: www.ForeclosureDataOnline.com.
