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A Glimmer of Hope for Home Prices?(Brief article)

Mortgage Servicing News

| February 01, 2009 | COPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Washington-Home price declines are showing signs of easing but it's too early to declare a bottom, according to preliminary figures compiled by First American CoreLogic.

The company last week released an early preview of its November findings, showing that homes declined at a rate of 9.6% in November, compared to 10.4% and 11.2% in October and September, respectively.

"The consistent deceleration over the past two months with November indicating the same trend in price declines is encouraging because it could portend the trough in price declines," said Mark Fleming, chief economist for First American CoreLogic.

But the economist cites continued job layoffs and a huge inventory of unsold homes as major negatives weighing on the housing market. Roughly $2 trillion in home equity has been wiped out over the past year.

California cities continue to lead the pack in ...

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