U.S. Home Prices Fell By A Record In January

Standard & Poor’s/Case-Shiller index shows a 11.4 percent decline...

In today's real estate section, the Associated Press reports, "Home prices in many cities continued to plunge by record levels in January as sellers cut their asking bids and rising foreclosures took their toll, new data showed Tuesday. While the spring selling season usually gives the market a bounce, some analysts say any notable improvement may not come until well into the summer. U.S. home prices fell 10.7 percent in January, and the Standard & Poor’s/Case-Shiller home price index of 20 cities saw the steepest decline in the index’s two-decade history."

Too soon to look for housing market bottom.

Falling prices, gloomy consumers point to more trouble ahead...

It's not over folks! Quoting MSNBC, "Last month’s pick-up in home sales — even as prices kept falling — has some homeowners wondering if the steep housing slump may be coming to an end. But most housing market watchers say the optimism is premature — and that this spring will likely be another washout for the residential real estate market. There is no clear bottom yet, said David Blitzer, chief economist for Standard and Poor’s, which tracks home prices. We hope it comes soon. But right now it's a hope."

The National Bright Spot ~ Tri Cities Washington

However, our local Tri City Herald reports, "When it comes to growth, Franklin County is in some fast company. The county's growth is the fastest in the state and among the fastest in the nation, according to estimates released today by the U.S. Census Bureau." The article attributes the growth to, "Relatively affordable housing, short commutes, a dry, sunny climate and a strong economy explain the growth in Franklin County, states Dean Schau, who studies the area's economy for the state Employment Security Department."

Apparently, the Tri Cities of Washington State is a viable option for those mortgage weary, equity poor, and appreciation deficit citizens of the good ol' United States. Consider a sun-filled visit to the Tri Cities where "It's nice to know the future is bright!"

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