Renewed Concerns About Home Prices
BOSTON (CBS) — Home prices are continuing to fall across much of the country, according to the latest S&P/Case-Schiller index.
One of the authors of the index, Carl Case, tells WBZ NewsRadio 1030′s Anthony Silva foreclosures and a glut of unsold homes are pushing prices lower.
Nationwide, prices have now fallen further since the bubble burst in late 2006, about 33 percent, than they did during the great depression.
WBZ NewsRadio 1030′s Anthony Silva reports.
S&P’s Maureen Maitland says the data shows last year’s uptick in prices was only because of the homebuyer’s tax credit, which has expired.
Some experts say much of the nation is seeing a double dip in home price deflation, although Boston is still performing better than most of the other 19 metropolitan areas.