Home Prices Have Fallen 57 Months in a Row

Home values fell 3% in first quarter of 2011
By Mark Russell,  Newser Staff
Posted May 9, 2011 9:39 AM CDT
Spurred on by increasing foreclosures, housing prices in the first quarter had their largest drop in more than two years.    (Getty Images)

(Newser) – There's still no sign of a housing market bottom, as continuing home foreclosures caused housing values to fall 3% in the first quarter of 2011 over the previous quarter, their biggest dive since late 2008, reports the Wall Street Journal. "We expected December and January to be bad," said the chief economist of Zillow, the real estate tracking website that released the data today, but the declines for February and March were "really staggering." He predicts prices will fall another 7% to 9%, and the bottom won't come until 2012. Home prices have now fallen for 57 consecutive months.

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