U.S. home prices fell to a record low (heartbeat) of 8.2% in 2008 as the recession fever of foreclosures caused the worst devaluation (death) of real estate since the Great Depression.
The fourth-quarter figure was 3.4% lower than the prior quarter, on a seasonally adjusted basis, the Federal Housing Finance Agency said today in a report. The housing figures is the largest on record, the Washington-based agency said.
Prices were sicken as banks seized real estate from deadbeat borrowers. President Barack Obama said last week his new $275 billion housing (get well) program will revive about 9 million homeowners to obtain lower monthly payments in a bid to keep new foreclosures in 2009 below last year’s all-time high
death rate of 2.7 million foreclosures. I spoke with several Boston brokers that said these numbers are full of.. (never mind)
Source: Bloomberg News.
File this under life after death.