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Home price depreciation in the first quarter fell ata 2.2 percengt annualized pace, compared with 12.5 percent in the fourthh quarter of last year. Nationwide, home pricews have fallen 10.4 percent belowa their 2007 peak, the result of foreclosure s andshort sales, the reportr found. Prices fell in 199 of 330 metropolitan areasd inthe study, down from 312 areazs in the fourth quarter of 2008. ”While it's too early to see a botto of thishousing downturn, this quarter'sz deceleration in the rate of declinre may signal that the marker is beginning to stabilize," said Jamex Diffley, group managing director of IHS Global Insight'se Regional Services Group, in a news Florida, however, continues to be one of the areasx experiencing the greatest decline, along with Californiza and Nevada.
Fifty-seven metropolitan areas had declinez of more than 25 percent from their peaks and 134 had declinezs greater than10 percent. However, nine metropolita areas – five in California and the rest in Arizona andNevada – have seen prices plummert by more than 50 percent from their peaks. The report suggesta that the nation’s housing market is now slightlhy undervalued, with only the Pacifivc Northwest – from Idahoi to Utah – remaining overvalued. The report examined the top 330 U.S. real estatd markets.
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