From C.A.R., Market Matters, Thursday, March 13, 2008
Valuations—the difference between a home’s actual price and what it should cost—are the lowest they’ve been in four years.
MAKING SENSE OF THE STORY FOR CONSUMERS
• More than 88 percent of 330 housing markets surveyed showed price declines and improved affordability during the last three months of 2007, according to bank National City Corp. and financial analysis firm Global Insight.
• The survey covered home valuations during the last quarter of 2007, but there's reason to believe that valuations are even more favorable for buyers today, according to the authors of the report.
• The biggest gains in affordability occurred in California, Michigan and Florida, which are areas that also have been some of the hardest hit by foreclosures. Those states registered 43 of the 50 biggest price declines.
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