According to an article in the Dallas Morning News, Dallas-area home prices are down 4.5 percent from a year ago; but that’s much less than the 18.6 percent housing price drop nationwide.

The article said:

“While the declines in residential real estate continued into February, we witnessed some deceleration in the rate of decline in some of the markets,” S&P’s David M. Blitzer said in the report. “We will certainly need a few more months of data before we can determine if home prices are finally turning around.”

It’s highly unlikely that the housing prices are turning around this soon, because we’ve yet to see the worse of the foreclosures coming our way. We are still waiting for foreclosures that were held back by foreclosure moratoriums to wind their way through the foreclosure market. Once these foreclosures make it onto the housing marketplace, they will place downward pressure on all housing prices regardless of their foreclosure status. And we may even see some homeowners being pushed into foreclosure because they’re unable to sell their home due to an overabundance of housing stock and a scarcity of buyers. Not to mention the difficulty of obtaining credit.

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