According to an article in the Dallas Morning News, Dallas-area home prices have declined 4.1 percent in May from a year ago; but the decline has slowed compared to other cities.

The article said:

“Nationwide, the rate of home price decline is less dramatic than in recent months. “The pace of descent in home values appears to be slowing,” Standard & Poor’s David Blitzer said in the just released report.”

In the report, Dallas and Denver were the only two cities nationwide that experienced slight home price increases for three consecutive months this year. But despite the increase, home prices are in both cities are still depressed by 8 percent due to the high number of foreclosures flooding the housing market place. Foreclosures are having a negative impact across the board as many neighborhoods are blemished with large numbers of foreclosed properties.

Even some previously “high value” neighborhoods are experiencing record a number of foreclosures that serve to depress the value of neighboring homes despite the best efforts of the owners. Unfortunately, many homeowners who are current on their mortgage find themselves upside down on their home and unable to sell due to the increase in foreclosures which in turn depress housing values.