In case there were any remaining skeptics:
The slump in housing deepened in the final three months of last year with sales falling in 40 states and median home prices dropping in nearly half the metropolitan areas surveyed.
Formerly red-hot areas were among the hardest hit as the five-year housing boom cooled considerably in 2006.
While some economists said they believed the worst may be over for housing, others predicted more price declines to come until near-record levels of unsold homes are reduced.
The National Association of Realtors said the states with the biggest declines in sales from October through December compared with the same period in 2005 were: Nevada, down 36.1 percent; Florida, down 30.8 percent; Arizona, down 26.9 percent; and California, down 21.3 percent.
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In all, median home prices fell in 49 percent of the 149 metropolitan areas surveyed, the largest percentage of areas showing price declines in the 27-year history of the Realtors’ price survey.
No question that it’s gonna be hard on a lot of people. Over half the kitties on display at PetSmart say “owner lost home”. Sucks.
Real estate is always about location, location & location.
Lucky for those of us in Bucks County, PA - despite the national real estate slump in 2006 after years of booming construction & price gains.
In Philadelphia & its surrounding Pennsylvania counties in 2006, the largest median sales gain came in Bucks County at 4.5% to $300,000.
I’m waiting to see Barney at PetSmart with a sign
saying “owner lost home.”