U.S. House Prices Decline for First Time Since 1994 (Update1)
By Sharon L. Crenson
Nov. 29 (Bloomberg) -- U.S. home prices declined for the
first time since 1994 in the third quarter as foreclosures
increased and lenders tightened mortgage requirements, according
to a government report.
Prices for previously owned single-family homes fell 0.4
percent in the period, compared with the second quarter, the
Office of Federal Housing Enterprise Oversight said today in
Washington. Prices rose 1.8 percent from a year earlier.
Home delinquencies have risen to a five-year high and 40
percent of U.S. lenders have raised their standards on mortgages
for prime borrowers, their most creditworthy customers,
according to Federal Reserve data. Foreclosure filings almost
doubled in October to 224,451, according to Irvine, California-
based Realtytrac Inc., a seller of delinquency data.
