Nov. 9, 2010 (DSNews) -- Residential property values fell 0.2 percent at the national level during the third quarter of this year, according to Integrated Asset Services (IAS). In front of a seasonal slow-down in home sales, IAS says the data foreshadow “particularly difficult times ahead” for the country’s housing markets and for the U.S. economy overall.
The IAS360 House Price Index released Tuesday shows that only the Northeast region of the country reported positive movement for the quarter, with home prices up 1.6 percent. IAS says the increase there was mostly due to isolated gains in New York and Washington, D.C.
In the Midwest, home prices plunged 1.4 percent. The West, despite occasional pickups in California, saw prices drop 0.5 percent in Q3, while the index for the South fell 0.4 percent.