LPS: Prices Are 28.3% Below Peak in Mid-2006
National home prices have been on the decline since June 2006 with a few bursts of increases, which Lender Processing Services (LPS) attributes to seasonal trends. Overall, prices have declined 28.3 percent since their peak in June 2006, according to LPS’ new home price index.
Some Highlights:
* From July 2007 to December 2009, prices declined an average of 13.8 percent annually.
* After December 2009, prices began to decline at a slower pace, posting an annual decline of 3.6 percent.
* ............. a series of increases during the spring of this year; a pattern that has occurred each year since 2009,” but declines starting July, August, ....
* Higher-priced homes – those above $321,000 – declined by 0.72 percent, while homes below $103,000 declined 1 percent in August.
* Among the MSAs with the greatest declines during the month of August, most were in California or Arizona.
Based on the data above, should a value investor pick up good properties after fall and before spring?
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