An Insider's Guide to Buying a Home in Today's Market
“Your one stop guide to current real estate market trends, buying a home in a buyers market and most importantly negotiating the best price for your home.”
Latest Housing Prices
It is common knowledge that the current housing market is in a slump and there are various predictions being made about its impact on the general economic status and most importantly when it will end. Homes are only worth what someone is willing to pay for them, and right now, most homes on the market have no buyer in sight. Economists are predicting that prices may have to fall much more to bring supply and demand back into balance.
Home sales in the United Sates has experienced its sharpest drop in 16 years as problems in the subprime mortgage sector pushed sales well below what economists had forecast. The subprime sector has essentially died, with the newly reinvigorated Federal Housing Administration able to replace only a tiny segment of what was once a huge market of home buyers. For 10 major cities, home prices fell 0.6% in July and are down 4.5% in the past year, the fastest decline since 1991, according to the Case-Shiller home price index released by S&P. For 20 major cities, prices fell 0.4% in July and are down 3.9% in the past year, the largest decline in the seven-year history of the index.