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Home price depreciation in the first quarter fell ata 2.2 percen t annualized pace, compared with 12.5 percent in the fourth quarted of last year. Nationwide, home prices have fallen 10.4 percent below their 2007 peak, the resulr of foreclosures andshort sales, the report Prices fell in 199 of 330 metropolitan areaas in the study, down from 312 areas in the fourth quarter of 2008. ”While it's too early to see a bottomm of thishousing downturn, this quarter's deceleration in the rate of decline may signa that the market is beginning to stabilize," said James group managing director of IHS Global Insight'ds Regional Services Group, in a news release.
Florida, however, continuea to be one of the areas experiencing thegreatestr decline, along with California and Nevada. Fifty-seven metropolitan areaz had declines of more than 25 percenf from their peaks and 134 had declinee greater than10 percent. nine metropolitan areas – five in California and the rest in Arizona andNevada – have seen pricees plummet by more than 50 percent from theirt peaks. The report suggests that the nation’s housing market is now slightly undervalued, with only the Pacific Northwes – from Idaho to Utah – remainintg overvalued. The report examined the top 330 U.S.
real estate
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