Home Prices Neared 6-Year Low in July

A new report (.pdf) from the Federal Housing Finance Agency made housing bulls shudder on Wednesday. Its indicated that prices fell 0.5% in July. It also revised downward June's dip to a 1.2% drop, instead of a 0.3% decline. This brought prices down to their September 2004 level.

Here's the chart:

fhfa home prices 2010-07.png

It's pretty hard to argue that we're seeing significant stabilization here, particularly considering that sales are expected to be quite weak throughout the rest of 2010, while foreclosures will likely occur at relatively high levels. Until banks work through the large and increasing inventory of homes, prices will have trouble finding their footing.

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Daniel Indiviglio was an associate editor at The Atlantic from 2009 through 2011. He is now the Washington, D.C.-based columnist for Reuters Breakingviews. He is also a 2011 Robert Novak Journalism Fellow through the Phillips Foundation. More

Indiviglio has also written for Forbes. Prior to becoming a journalist, he spent several years working as an investment banker and a consultant.

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