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Property values continued to drop in fourth quarter

March 3, 2011 - With prices dropping at a steady rate through the fourth quarter of 2010, moving to a new home has rarely been as affordable as it is today, said a report.

According to Freddie Mac's Conventional Mortgage Home Price Index, U.S home values dropped 4.3 percent from a year earlier during the fourth quarter. In addition, the value of homes bought with conventional mortgages during that time period declined 2.6 percent from the previous quarter and 10.1 percent from a year earlier. All nine Census divisions reported lower prices, showing relocating families could encounter cheaper homes in nearly any market they chose to move to.

"Low mortgage rates and home prices have combined to push homebuyer affordability to levels not seen in decades in most places. This high affordability will likely translate into an increase in 2011 home sales relative to last year," said Frank Nothaft, the mortgage giant's vice president and chief economist.

While prices are dropping across most of the country, many markets remain far more affordable compared to others. According to the National Association of Home Builders' housing opportunity index, Indianapolis was the country's most accessible market during the fourth quarter, while New York City was the most expensive.
 

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