There is some light beginning to show: As prices continue to fall, potential buyers may be induced to move from the shadows into the light. The path to price stabilization is to sell down the large housing inventory.
Fortunately, the supply is slowly dropping and new-home construction has dropped precipitously; unfortunately, housing demand has dropped in concert, which leaves inventories high. Sales are way below the normal trend.
In January 2008, there was a 0.5% INCREASE in single-family home sales, which is the first in 11 months.... |
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| National Home Price Index |
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| US Foreclosure Map 2007 |
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