Home Prices Still Slipping Nationally

Home prices continued to decline in four out of every five metropolitan areas during the third quarter, according to the National Association of Realtors. While 28 metro areas showed increases, 120 metro areas saw prices fall and prices were unchanged in four others from one year earlier. NAR President Charles McMillan, a broker in the Dallas-Forth Worth market, said foreclosures are affecting the overall market. "A very large proportion of distressed home sales are taking place at discounted prices compared to more normal conditions a year ago. It's very challenging to understand proper valuation, given the differences between distressed sales and a larger share of traditional homes in sound condition." Data on individual markets is available here: http://www.realtor.org/research/research/metroprice.