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Real Estate Costs Throughout Various Parts of the Country Continue to Go Down

Real estate costs in the U.S. decreased less than forecasted in July from a year previously, a sign that bank delays in processing foreclosures may have temporarily slowed the slump in real-estate values.
Investigations into bank foreclosure practices led to delays in processing that may have helped stabilize costs in recent months. Treasury securities decreased, sending the yield on the benchmark 10-year note up to 1.97 percent from 1.90 percent late yesterday.
Portland continues to have one of the weakest residential real estate markets in the country according the latest edition of the S&P  /Case-Shiller Real estate Price Indices, a much-watched barometer of the market. New York-based Case-Shiller said Portland costs decreased 8.4 percent in July compared to one year ago. It was third in the country for annual price decreases, ranking behind Minneapolis (down 9.1 percent) and Phoenix (down 8.8 percent).
Seattle costs decreased 6.4 percent compared to a year ago. Total real estate costs decreased an average of 4.1 percent for the 20 cities tracked. Portland real estate costs now stand at approximately January 2005 levels, down 26.9 percent from their August 2007 peak.  The news was better when July costs were compared to June. Case-Shiller said costs increased in 17 of 20 markets, including Portland, the fourth consecutive month-over-month improvement. Portland costs increased one percent in July compared to June.
Financial experts surveyed by Bloomberg News had predicted a median 4.4 percent decrease. Guesses for the price change from July 2010 ranged from decreases of 4 percent to 5.5 percent. The index measures only re-sales of single-family real estates Costs in the 20 cities increased 0.9 percent before adjusting for seasonal changes in July after climbing 1.2 percent in June.
Real estate sales remain in the doldrums. Purchases of previously owned real estates increased to a five-month record, boosted by demand of low-priced, distressed houses, the Countryal Association of Realtors said Sept. 21.

Are you or a loved one in need of financial assistance regarding real estate law? Are you currently in the middle of a real estate dispute or are you contemplating the purchase or the selling of your home or office space? It is important to contact a real estate law attorney in your area today before signing any binding paperwork.