Last week, Fiserv(R) released its home price trends analysis report based on the Fiserv(R) Case-Shiller Indexes(R). Highlights from the report say things may (or will) get worse before they get better. Here are some findings:
- In Q2 of 2010, U.S. single-family home prices rose an average of 3.6 percent over the year-ago. The rise is due to strong price increases in high-priced markets like San Diego, Washington, D.C., and San Francisco.
- Despite the 3.6 percent gain, prices fell in 70 percent of the 384 U.S. metro areas compared to Q2 of last year.
- Some markets, like Detroit, Boise, Idaho, and Reno, experienced double-digit drops.
- Experts say factors that weigh heavily on the housing market include chronic unemployment, the home buyer tax credit expiring and more distressed properties than usual – particularly in Florida, Arizona and Nevada.