Pushing Dowm Home Values

July 31st, 2009 9:12 PM

An uptick in home short sales and foreclosure sales have pushed down home values throughout the area, casting a darker shadow on an already stressed housing market.

Often a home seller will either have to lower the price or the buyer will have to put more money down to finance a home when an appraisal comes in at a lower value, lenders said. And in some cases, a lower value has been the tipping point that kills the sale, said Daniel Davis, executive director of the Northeast Florida Builders Association.

“Because there are so many short sales and foreclosures, almost all [the homes listed] are selling for under fair market value,” said Carol DeMarco, vice president and residential production manager for Regions Bank.

Some lenders and real estate professionals said they are beginning to see stability in home prices. But there are still lots of unsold new homes as well as foreclosures and short sales that must be closed and cleared from banks’ books to reach stability in the housing market.

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July 28th, 2009 5:09 PM

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