Report: Connecticut Not Sharing In National Home Price Gains

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A measure of U.S. home prices jumped 4.6 percent in August compared with a year ago, the largest year-over year increase in more than six years, the Associated Press reported.

But Connecticut has yet to share in those gains.

Connecticut was among the five states with the biggest declines, falling a half-percent in August, compared with a year ago, according to CoreLogic, a private real estate data provider.

The news isn’t all bad for Connecticut, however. It appears price declines are easing. On a year-over-year basis, home prices fell 4 percent in June, 1.7 percent in July and 0.5 percent in August.

The four other states with the biggest declines were Rhode Island, Illinois, New Jersey and Alabama.

The AP made these observations in their story:

Steady price increases, combined with greater home sales and rising builder confidence, suggest the housing recovery may be sustainable.

Even with the gains, the housing market has a long way back. Many would-be buyers can’t qualify for stricter lender standards or save enough money for larger down payments that most banks now require. Home sales, housing starts and prices all remain below healthy levels.

 

 

 

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5 thoughts on “Report: Connecticut Not Sharing In National Home Price Gains

  1. dr

    This isn’t necessary bad news – CT home prices are already very high. A more affordable housing stock on par with national averages would be good for CT in the long run.

  2. Jerry

    Stricter lending standards are huge issue. Romney mentioned it last night. Current example. Couple, 70% down, no debt (zero), all credit scores over 800, two incomes…experiencing difficult mortgage approval process to purchase small home. If this couple doesn’t breeze thru, then many/most will not be able to secure a mortgage with the average household debt today. Five years ago mortgages were handed out like candy (bad for market), now the pendulum has swung too far the other way (also bad for market).

  3. Doh

    Welcome to Fantasy Island !

    Housing recovery to what – pre Ponzi Scheme levels.
    Who says a 200 year old house is worth 300,000?
    CT housing is a disaster and I’ll never by into this game. The housing prices and the state in general will break everyone eventually. Good luck with that recovery.

  4. Bri

    This really isn’t bad news and comports with what we know about the Connecticut housing market. Prices in Southern New England were not inflated in the first place and therefore didn’t free fall like markets in Florida and Nevada. Now, they’re rising slower, which will once again cause better pricing throughout the market going forward. Sould we really be complaining that CT isn’t a volatile housing market?

  5. Doh

    Get a Grip

    Prices didn’t fall in CT purely because of greed.
    That’s why nobody can stay in CT that long…because
    nothing is affordable. Housing will never ‘recover’ to the pre-ponzi benchmark because our economy was sold down the river. The greed barrons can’t invent any more so the have stolen from the realestate market until the white shoe boys blew it up – you remember in 2008 when W ran to the TV an said he needed 30 Trillion to save
    Goldman Sachs and the rest from themselves with your tax dollars and now Bernanke is buy all the garbage with again your tax dollars to clear the bank sheets of all this big bank crap.

    Long live the housing ponzi scheme

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