Friday, April 17, 2009

Have Home Prices Reached Bottom?

By Robert Gammon
Fri, Apr 17, 2009 at 10:48 AM

The median home price in the Bay Area dropped just 0.5 percent in March compared to February, according to the Chron. The news prompted some analysts to speculate that the steep decline in home values may have bottomed out. But we're not so sure. There are a lot of foreclosed properties on the market that have not sold yet - which leads one to believe that banks are still pricing them too high. Plus, the Chron had a piece just last week that said banks were holding foreclosed properties off the market for fear that if they put them on, it would send prices further downward. If that story was true, then we could be headed for another significant price drop.

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