Home Prices Continue To Decline 2% per month - REO Buyers/Sellers Pay Attention!

Please read the article below for a little insight as to why buyers are so concerned with the price they pay and whether the BPO's are current on an offered REO Package. As the article indicates, values are dropping at up to 2% per month nationwide (more in hard hit areas like CA, AZ, NV, MI, OH) . As qualified buyers try to forecast the market trend, their offer prices must take into account the potential for market depreciating during the due diligence and holding period. One way to expedite this process is to improve the transparency of the transactions. On average 3-5 business days are lost in the transaction while all parties try to protect their identity.

See my blog from January 16, 2009:

Prepare Yourself For Further Declines In Home Values

Home Prices Continue to Slide

January 27, 2009

House prices fell by another 2.2% in November for the second consecutive month and prices are off by 18.2% over the previous 12 months, according to the Standard & Poor's/Case-Shiller housing price index that tracks home sales in 20 major metropolitan areas. Since the peak in August 2006, prices have fallen 25% and the "freefall" continued in November, according to David Blitzer, chairman of S&P's index committee. Average house prices are now back to first-quarter 2004 levels. "The main force driving down house prices is foreclosures, which are still rising," IHS Global Insight economist Patrick Newport said. He expects house prices will continue to decline over the first half of this year.