Home price descent moderates

07.05.09
By Nicholas Storie

Knowing your credit score could mean having a better idea of what kind of home loan rate a mortgage broker is likely to offer you.

With a strong credit score, proper documentation and an affordable home loan, many would-be buyers are taking advantage of low home prices.

But others remain on the sideline wondering if the housing market has hit the bottom, trying to determine the best time to buy new home.

The latest data available - through April 2009 - used to compile Standard & Poor's S&P/Case-Shiller Home Price Indices shows that home price declines have moderated somewhat.

"The pace of decline in residential real estate slowed in April," says David M. Blitzer, chairman of the Index Committee at Standard & Poor's. "In addition to the 10-City and 20-City Composites, 13 of the 20 metro areas also saw improvement in their annual return compared to that of March."

Blitzer added that the housing market is approaching what is traditionally considered to be the "seasonally strong period" and that consumers, economists, businesses and homeowners really need to wait this timeframe out to see if recovery has actually set in.

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