Existing-home sales in most states declined from year-ago levels in the fourth quarter, marking the likely bottom for the current housing cycle, according to the latest quarterly survey by the NATIONAL ASSOCIATION OF REALTORS®. Prices dipped slightly overall, as sellers were more willing to negotiate. “This information confirms 2006 was the year of contraction,” says NAR Chief Economist David Lereah. “Hopefully the fourth quarter was the bottom of this current business cycle.”[tags]housing bubble,housing market,real estate bubble,home values[/tags] downtown San Diego real estate
4 thoughts on “Bottom of Housing Downturn Reached?”
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Yep, good times are “just around the corner.” Unless, of course, you look at the long-term median prices, run-up charts, affordability, default rates, foreclosures, etc.
Certainly one reason the “things are improving” story has so much appeal in the media (as we see all over now) is that we _need a new storyline_.
That’s just a reality of the press. Yesterday’s story (price declines, possible bubble burst) is old, so why write it?
Tomorrow’s story (“back to normal” is one comforting option) is much more interesting, quite apart from any data or evidence or historical experience.
This is all industry hype! California home prices are falling BIG TIME!
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