(EMAILWIRE.COM, August 15, 2008 ) SACRAMENTO – In metropolitan housing markets across the United States single family home values dropped 7.6% in the second quarter of the year when compared to 2007, according to the National Association of Realtors. In the Western United States the figure was much more severe at 17.4%.

Parts of California, such as the area around Riverside fell more than 32%. 115 of 150 metro areas recorded price declines.

Many of the homes that are being sold across the country, especially in hard hit real estate markets in California, Florida, Nevada, Arizona, Ohio are bank owned homes (also known as REO or ‘real estate owned’ homes. These homes are often sold for low prices compared to the market as a whole, and this has had the effect of pushing down prices for new homes as well as existing homes being sold by individual homeowners.

Real estate and foreclosure expert, Patrick McGilvray, president of www.TheHomeBuyingCenter.com, said, “people who are looking to sell a house fast in today’s market have to compete with all of these bank-owned properties. For people who don’t need to sell a home quickly waiting for a few years can be a good idea to allow the real estate market to recover its footing. We buy houses across the country from people who want to sell quickly, but, as investors, we must negotiate prices well below the current fair market value.”

Contact Information:
TheHomeBuyingCenter.com
Patrick McGilvray
Tel: 916-821-6200
Email us


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