Home Sales and Home Values Drop in Same Month Across Nation

According to the U.S

According to the U.S. Mortgage Bankers Association, approximately eight per cent or 4.3 million of Americans with a mortgage were behind by at least three payments as of March 2010 and were in foreclosure. The lead author John Campbell, the Morton L. and Carole S. Olshan professor of economics at Harvard, said in their release, "The losses on foreclosed homes proved to be much larger than we had expected." They also found that if a home was sold after the homeowner went bankrupt, the price of the home would drop by about three percent, however, if the owner passed away, the home's value dropped between five and seven per cent. It seems potential home buyers feel that homes that are in bankruptcies or foreclosures are more prone to vandalism and damage, making them less valuable.

Home Sales and Home Values Drop in Same Month Across Nation

By: Molly Wider

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