Statistics that say housing prices have continued to rise modestly or have fallen only slightly are deceiving, say some real estate analysts, because the stats don’t reflect houses that sit on the market for months because their owners refuse lowball offers.
Real estate professionals report residential price drops of 10 percent to 15 percent in the Boston area, suburban New York City, Portland, Ore., and northern Virginia, among other markets.
Many more households will fall behind on their mortgage payments and won’t be able to bail themselves out by refinancing or selling their homes, says Mark Zandi, chief economist of Economy.com …
Source: Analysts: Stats Don’t Reflect Falling Home Values – By David Leonhardt, The New York Times, by way of Realtor.org
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Updated: January 2018
