Real estate industry feels heat as home values continue to fall in much of the nationSACRAMENTO, CA – Real estate continues to be a sore spot for the US economy as prices for single family homes were down 7.7% in the first quarter of 2008 compared to a year earlier.

The National Association of Realtors reported the recent numbers and indicated that this was the biggest yearly decline since they began record-keeping in 1982.  Median sales prices were down to $196,300 at the end of March, a 4.8% drop compared to Q4 of 2008.

In Sacramento, California prices fell more than 29% and the median dropped to $258,500.  Prices in Riverside, California dropped more than 27% to $287,100.

An internet real estate company based in Sacramento, www.TheHomeBuyingCenter.com, reported an increase in consumers requesting help with selling their houses as well as an increase in buyers who are looking for deals on foreclosure houses.  “Deals on foreclosure houses are one of our specialties, and we’re getting a lot of traffic to our website because of that,” said company president Patrick McGilvray.

The Home Buying Center reported that a lot of their activity is happening in the states hardest hit by the housing crisis that occurred in the wake of the subprime mortgage meltdown.  According to McGilvray the biggest numbers of homeowners seeking help, and buyers seeking deals, are occurring in California, Florida, Nevada, Ohio, and Michigan.

Foreclosure activity resulted in more than 155,000 homes taken back by lenders since last year, and mortgage payment delinquencies more than doubled during the time as well.

Tags: buy a foreclosure, foreclosures, Housing, real estate, sell house fast, U.S. economy, we buy houses

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