Housing Market Still Hugging the Ground

HousingWire reports from Zillow that housing prices gained a meager 0.01 percent August over July, with minimal gains in only 68 of the 157 markets covered. The average home price dropped 4.5 percent from August 2010 to $172,600, and is off 28.3 percent since the high mark of June 2006. Stan Humphries, Zillow’s chief economist, says the foreclosure rate for August was 9.2 per 10,000 properties, a drop from 10.9 percent last October. But Humphries blames that on the discussion surrounding robo-signing, and says the rate will increase again, continuing to flatten home prices at least until next year. The foreclosure rate continued to hammer Phoenix, AZ with a 32.3 percent rate, and Riverside, CA at 25.2 percent.

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