National home prices continue to fade

Home prices have continued to slide.The Federal Housing Finance Agency says home prices across the country continued to slide in January, as the national real estate market struggled to pick up speed.According to the report, national home prices lost 0.3 percent from December to January, and ended the month down 3.9 percent compared to January of last year.”We think house prices will continue to face headwinds as the large inventory of foreclosed properties make their way through the market,” Barclays Capital economist Theresa Chen told the Wall Street Journal. “Some of this should be offset as demand for homes increases due to the improving economic backdrop.”Overall, the FHFA says prices are down 16.5 percent compared to the April 2007 peak of the housing boom.Despite the national decline, the West South Central Region – which includes Texas, Arkansas, Louisiana and Oklahoma – actually saw prices increase by 1.6 percent over the month.Other reports have also shown the strength of the Houston real estate market, and that of Texas as a whole. A recent study by the Federal Reserve Bank of Dallas said that home sales had been improving statewide – particularly in regards to higher-end properties.Courtesy of 2M Realty News

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