New Yorkers were shocked to see that in August house prices dropped for the second month in a row. Standard & Poor’s/Case-Shiller’s home price report (issued on 10/26/2010 Tuesday) states that this puts the prices close to their lowest level in recent memory and the drop is blamed on home-buyer tax credits coming to and end.
The indexes published by S&P show that without seasonal adjustments their 20-city index fell 0.2 percent, this report obviously comes as a disappointment. David M. Blitzer from Standard & Poor confirmed that the housing market in the effected areas appears to have stabilized at this new low point.
The price of housing now, in 2010, is similar to the level back in 2003 meaning that people wishing to move home may need to access some quick cash and even established home owners will need financial help and could rely on services such as payday cash loans. These are testing times for everyone.