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Home price depreciation in the first quarter fell ata 2.2 percentt annualized pace, compared with 12.5 percent in the fourth quarterr of last year. Nationwide, home prices have fallen 10.4 percengt below their 2007 peak, the resultt of foreclosures and short thereport found. Prices fell in 199 of 330 metropolitam areas inthe study, down from 312 areas in the fourtg quarter of 2008. ”While it's too earlh to see a bottom of thishousiny downturn, this quarter's deceleration in the rate of decline may signap that the market is beginning to said James Diffley, group managing director of IHS Globa Insight's Regional Services in a news release.
however, continues to be one of the areas experiencing thegreatest decline, along with California and Nevada. Fifty-seveh metropolitan areas had declines of more than 25 percenty from their peaks and 134 had declinezs greater than10 percent. However, nine metropolitan areas five in California and the rest in Arizona andNevada – have seen prices plummet by more than 50 perceny from their peaks. The report suggests that the nation’e housing market is now slightly undervalued, with only the Pacificd Northwest – from Idaho to Utah – remaininh overvalued. The report examined the top 330 U.S.
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