Home Prices Fall - Worst drop in 18 years
Economists predict decline in home prices in 2007. The National Association of Realtors said it now sees the median price of existing homes sold falling 1.3 percent this year. That’s almost twice the 0.7 percent drop forecast just two months ago, and is worse than the 1.0 percent drop in prices it estimated in May.
“Overall housing levels are historically strong, but sales remain sluggish compared to the recent boom,” Lawrence Yun, the Realtors’ senior economist, said statement in the latest forecast. “Home sales will probably fluctuate in a narrow range in the short run, but gradually trend upward with improving activity by the end of the year.”
I read about it on CNN, here’s the source of the article So is the housing slump really that bad?
Just came across another post on a real estate blog that says home prices continue to fall: “Prices are down 1.5 percent in 10 major cities in the past year, the fastest decline in 13 years.” Indeed, the Crazy market…
June 12th, 2007 at 6:48 am
No question about it, the housing downturn is here now, and it’s big.
June 12th, 2007 at 6:49 am
Bad if you already own a house/houses. Good if you are looking to buy.
June 14th, 2007 at 9:39 am
Well, maybe that’s temporary? I’m sure soon they’ll understand it’s much greater to own your own house than to live in a flat comewhere in an overcrowded city… pollution, you know..
June 14th, 2007 at 10:12 am
Of course it is bad for those people who want to sell house,but it is a very good news for those one who dreamed about own house the whole life. There is the situation when in the immovable property market a lot of houses and appartments and demand on them lower then propositions. So Market must low prices to the minimum. But I think that it is temporary. When the correlation will be more or less equal, prices will rise again. My advise to those who want to sell a house: wait some time! Don’t hurry up! Everything will return on its place.
June 14th, 2007 at 10:13 am
Let’s face it folks, we all saw it. House prices were rising too high and fast, primarily due to the great opportunities created by creative financing arrangements that enabled many first time and high risk buyers into the over-heated market…supply and demand. The mortgage agents collecting hefty commissions and lenders promising easy money were a big part of the insanity that drove the market that is now contributing to the shortage of “qualified” buyers. The lending agents took their money and ran…sorry but the the lenders and their “agents” deserve to get a taste of the bad times they helped create.
June 18th, 2007 at 8:14 am
Hmm… Does it mean more and more people are willing to live in big cities? Well, I’m sure there’re lots of ones dreaming about a house, but they simply did’n have the chance to make theid dream real. That’s great, I think.