- Nashville Short Sales Home Page
Nashville Brentwood Franklin Cool Springs Nolensville Murfreesboro Smyrna Spring Hill Hendersonville Gallatin Mt. Juliet (Mount Juliet) Short Sales
Nashville Short Sale Help and Foreclosure Help
- Search Nashville TN MLS Listings
- Contact Nashville Short Sales and Foreclosures Specialist
Thursday, April 23, 2009
Prices Still Need to Decline to Make Homes Affordable Again
According to this Forbes.com article, How Low Will Real Estate Go?, home prices need to decline substantially in or der to bring them in line with median incomes, especially given the rising unemployment and increasing foreclosures environment. Predictably, the article lists the top 10 (or worst 10) markets as being in Florida, California, Arizona and Nevada. However, even outside these devastated markets other markets in the US will still decline with may seeing double digit declines. This will result in more homeowners being underwater (i.e. negative equity), which has been shown to increase foreclosures, which in turn increase the rate of home price decline thus creating a nasty cycle of home price declines. This will continue to get worse for the next 1-2 years.