If you’re waiting for home prices to start going up before you sell your house, feel free to keep waiting. As of December, house prices were still slipping, reaching their lowest levels in five years according to one index.
According to the L.A. Times, the Standard & Poor’s/Case-Shiller index — which tracks home prices in large American cities — found that prices in December slipped 1.1 percent from November and four percent from the previous year. Of the 20 cities included in the index, only two reported price upticks.
Economists say the bottom still isn’t here, with foreclosures possibly facilitating further drops throughout the rest of the year. One expert in the story said he thinks home values may stop dropping within a few months, but should still remain stagnant for the next couple years.
U.S. home prices post decline [L.A. Times]