Home Prices Are Down: How Could That Be A Good Thing?
Ed Craine
November 24, 2008
This week the National Association of REALTORS® (NAR) issued a report which indicated that median home prices are down nationally 9% from the same time last year. While that doesn't sound like particularly good news for homeowners; in California, it may be an indicator that we're nearing the end of price declines, as buyers are re-entering the home purchasing market. Let me explain. Because home sales are rising so rapidly in the hardest hit areas of California, and because in many cases homes for sale in California are beginning to see multiple bidders for properties, NAR's Chief Economist Lawrence Yun stated that this "suggests that future price declines may be minimal." Hot diggity! Hope he's right.
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