This latest news comes straight from Realtor Magazine, Januaury 2009:
"After falling for two years in a row, sales of existing homes are expected to edge up 6% in 2009 to 5.3 million. Even with an increase in unemployment, improved affordability is the reason.
Meanwhile, new-home sales, already off more than 50 percent from their peak of 1 million in the third quarter 0f 2006, are expected to continue dropping, to about 413,000 in 2009.
[Home] Prices have dropped nationally about 12 percent from their peak in 2006, from a national median of $221,900 to 198,600. In some of the markets that were hottest during the boom, prices have dropped even more, as much as 30 percent in Los Angeles and 24 percent in Las Vegas. The drop has made life tough for sellers with little equity in their homes: Some 40 percent of sales in the third quarter of 2008 were distressed sales, either short sales or foreclosures, accordingt o NAR data.
For 2009, prices are expected to turn a corner."
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