HDI reveals continued price decline in U.S. Western regions

Property sales in the western region of the U.S. are showing continued decline.According to Clear Capital's Home Data Index, prices for properties in the Western region of the United States are still in decline, falling 5.2 percent year over year.Western home prices are down quarter over quarter, dropping 4.3 percent and reaching double dip territory. Other regions in the country, however, remained stagnant, which is reason for optimism.”The latest data through March supports our view that many markets are continuing to see relief from the significant price declines we observed through January,” said Alex Villacorta, director of research and analytics at Clear Capital. “While some markets are already in double dip territory, specifically in the West, widespread fear of a collective fall in market prices is overstated.”The national overall is down 1.3 percent in quarter over quarter and year over year figures. The Midwest and South showed the best quarter over quarter figures with a 0.0 percent fluctuation.Rapid declines at the end of 2010 had marred the market; however, many regions are now experiencing relief. Many of the regions that had previously been reported to be experiencing declines are now out of date, reflecting figures between October 2010 and January 2011.Courtesy of 2M Realty News

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