Home-Prices Remain Stable

Only 21% of house listings on the market as of February 1st had one or more price drop. This is lower than previous levels, and is a good sign that housing prices are beginning to hit a bottom. The next question home owners are asking is: How long will this bottom last, and how quickly will home prices rise?

House price reductions topped out at 26% at the end of last year, which likely relates to the timing of the November tax-credit deadline (which was extended). California homes were among the steadiest in the country. San Jose had just 12% of listings cut, and Oakland had 13%. The highest on the list was Jacksonville, FL at 36%. This good news brings on the expectations in manufacturing jobs for home builders.