July 13, 2024

home pricesAt building industry trade show in Las Vegas, David Crowe of the National Association of Home Builders said: "We have consumer confidence at or near a historic low, and it will probably deteriorate in 2009. The nation has an excess "overhang" of 6.2 million homes for sale, about 1.5 million too many." Crowe said he expects prices to fall another 29 percent this year and new home sales to decline 14 percent.       

Also, Mr. Sullivan, chief economist of the Portland Cement Association said: "I see another full two years almost before a significant gain."  Mr. Sullivan was one of the first industry economists to predict the current downturn.                                                                                   San Diego Realtors

4 thoughts on “Home Prices to Fall 29% in 2009 – National Association of Home Builders

  1. Housing is nowhere near bottom. It has at least 20% more to fall to become “reasonably” priced.
    This is why I know housing is nowhere near bottom. There’s still people like this who believe housing can only go up – any downturn is just a hiccup. Heck, genius Cramer even called a bottom in 2007!!!
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  2. If you are going to buy a home that you are planning on living in, buy one that you can afford, taxes and insurance and maintenance included. The “asking” price does not tell the whole story, nor does the “adjustable” loan. People paid too much thinking they could flip the house, found no buyer and the adjustable loan was “adjusting”, just like they’d been warned. Of course, no one fore saw the gas prices, the electricity prices, the food prices going through the roof, and all the unemployment.
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