Home prices dropped 8.4% percent (10-City Composite)  in November, the largest drop since Standard & Poor’s began reporting prices in 1987. This latest plunge will only accelerate the price drop as more and more people are unable to refinance due to falling values. This, despite the lowest refinance rates since 2003 (now averaging 4.95% for a 15-year fixed).

Of the largest 20 cities, only 3 cities showed prices going up: Charlotte, Portland, OR and Seattle. Miami was the biggest loser, dropping 15.1% percent. San Diego dropped 13.4%, Las Vegas 13.2% and Detroit 13.0%.

Top 20 Cities
Atlanta - down 2.0%
Boston - down 3.0%
Charlotte - up 2.9%
Chicago - down 3.9%
Cleveland - down 5.8%
Dallas - down 1.2%
Denver - down 3.1%
Detroit - down 13.0%
Las Vegas - down 13.2%
Los Angeles - 11.9%
Miami - down 15.1%
Minneapolis - down 6.6%
New York - down 4.8%
Phoenix - down 12.9%
Portland - up 1.3%
San Diego - down 13.4%
San Francisco - down 8.6%
Seattle - up 1.8%
Tampa - down 12.6%
Washington, DC - down 7.8%

The government lowered a key interest rate by .75% on January 22.

 That’s a total rate cut of 1.75% since September. Stock markets around the world have been plunging the last 3 days because consumers in the United States are unable to make their home payments, threatening to drag the economy into a severe recession.

The government is pulling out all the stops to help you get an affordable payment by the dramatic EMERGENCY RATE CUT today.

Rates for a 30-year fixed rate dropped to 5.49% last week and could go below 5.00% as early as next week especially if the Federal Reserve lowers rates again as expected before the end of January.