Prospective homebuyers may consider relocating to inexpensive areas
January 18, 2010 - Homeowners and renters who are seeking low mortgage or rent payments may want to consider moving to areas where home prices are dropping.
Contrary to the expectations of real estate experts, the costs of homes across the country are continuing to decline in the new year, Forbes reports.
A recent study from Altos Research, a consultancy, found that housing prices have dropped 1.4 percent over the past three months, according to the media outlet.
Home values in San Diego decreased the most between October and December of last year, as the asking prices for real estate in the city fell by 7.3 percent.
New York City and Charlotte, North Carolina reported similar declines, as the price of homes in these regions went down by 4.4 and 2.3 percent, respectively.
According to the report, real estate prices in Miami increased by 2 percent. The metropolis was the only city to experience growth during that time period.
Individuals who are considering a move may wish to finalize their plans before the Homebuyer Tax Credit program expires, as qualified individuals may be eligible receive rebates of up to $8,000 for their purchases, according to the National Association of Home Builders.
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