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“The Perfect Storm… For Pre-Foreclosure Investors”
By Sherman Ragland | December 26, 2007
Today’s Baltimore Business Journal is reporting that National home price index marks highest decline since 1991
Secifically, for the 10th month in a row home prices across the U.S. have dropped.
The record 6.7 percent drop in the Standard & Poor’s/Case-Shiller home price index was the largest drop since April 1991. The index tracks prices of existing single-family homes in 10 metropolitan areas compared to a year earlier.
Among the 20 metropolitan areas used in the broader index, 11 posted record monthly declines and all 20 declined in October compared to September.
In the year-over-year comparison, Miami posted the largest decline among the 20 markets with prices down 12.4 percent in October compared with the same month last year. Tampa, Fla., was the second-worst performing city with declines of 11.8 percent. Besides those two cities, Phoenix, Detroit, Las Vegas and San Diego also posted double-digit year-over-year declines.
Only three areas — Charlotte, N.C., Portland, Ore., and Seattle — posted year-over-year home price appreciation in October. Charlotte posted the largest gain at 4.3 percent.
In addition, unless you are in Charlotte, Portland or Seattle, every community in America is seeing RECORD FORECLOSURES.
However, what is little known is that if you are in a city with a strong job market, like Washington, DC, this does not represent the “BEGINNING OF THE END”, rather it is a “blip on the radar screen” of OPPORTUNITY.
If you are in the DC area on Saturday January 12th, 2008, you do not want to miss “How to Get Rich Buying Prince George’s Foreclosures”, with a special session on, “How to Play the Maryland Foreclosure Market With NONE of YOUR OWN MONEY”, presented at the DC-Real Estate Investor’s Association meeting in Bowie, MD.
For directions, go to: http://www.DCREIA.com
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Tags: baltimore business journal, DC Real Estate Investors, decline, foreclosures, index marks
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