by Sergio Menezes
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| house prices over the years |
How soon will it
be before people finally start using the term "depression" to
describe what has happened to the U.S. housing market? The real estate
hasn't this bad since 2002.Home prices down nearly 33% since peaking in the
summer of 2006. Meanwhile the U.S. Census Bureau says that the nation's
homeownership rate has fallen to 66% - the lowest in seven years. Some suggest
prices are down because more sellers are willing to accept the weak market
conditions and lower their asking prices.
Ms. Clements says, "The house prices are two fold. As a
buyer its good because you get more for your money and have options and as a
seller you can sell your house quickly. Also you don’t have worry that much because
it’s a cheep market. For a buyer the interest rates are good but in mortgage
contacts if you default and you can't pay for it because the economy is REALLY
bad you're at a higher risk.
A house that has 3 Beds, 2
Baths, Built in 1964, and 1,501 Square feet is one hundred
sixteen thousand nine hundred dollars. "We still have 6 million
homeowners who are late on their payments," said David Blitzer, spokesman
for S&P. "We'll still have lots of foreclosures, which will depress
prices." In Atlanta's housing market prices fell 17.3% year-over-year. In fact, U.S. housing prices have now fallen further during
this economic downturn than they did during the Great Depression of the 1930s.
word count=259
Sergio- Great article about a problem all adults face and students hear about in the media and at home. Great use of quotes which really sanitize a huge and dangerous problem for the economy. Please be sure to proof read your quotes and make sure you use appropriate punctuation, other wise it distracts from your article.
ReplyDeleteMs. Clements