What can be the Effects of Falling Sales on Prices of Real Estate
A market price of any product is determined by several factors. In real estate industry, the price of a house is always vulnerable to faltering financial conditions of the market. The housing sale is the most influencing factor in determining its price. In recent times, the wavering housing sale is being expected to leave a deep trace in housing price.
The recently published House Price Index report of Office of Federal Housing Enterprise Oversight (OFHEO), declares that there is price appreciation of 0.5% higher than the fourth quarter of the last year. This is recorded to be the lowest rate since 1998. The price appreciation comparison of this first quarter report of 2007 with the previous two-quarters’ reports of 2006 shows poor record by 1.3%. Though at the beginning of 2007, the price was higher than the previous year by 4.3%, yet this comes out to be the lowest yearly comparison record since third quarter of 1997.
This appreciation record of HPI, when fed up with the information on home purchase and refinance, was turned out to be only 3% on quarter comparison between 2006 and...
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