2006-11-04 10:49:11 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
The bubble is breaking check out this web site.
http://www.breakingbubble.com/index.htm
2006-11-04 18:11:29 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The economic forecasting firm Moodys is predicting a 3.6% decline in the price of existing homes nationwide as a result of the current real estate slow-down. This drop will take place over the next 2 to 3 years. However, that's just a national average; every city or town in America is its own real estate market, so you have to look at each community individually. The markets that have gained the most in the last few years (CA, FL, Las Vegas, Reno, Tuscon) are projected to drop the farthest--some in excess of 15%. Don't expect a quick recovery. It will be at least a year or two before inventories are back down to normal levels and prices begin to rise again.
2006-11-04 20:58:04 · answer #2 · answered by matthew s 2 · 1⤊ 0⤋
Like everyone seems to agree it depends on where you live, but overall Real estate gains came to an abrupt halt in the first quarter of 2006, with the median price of a U.S. homes falling 3.3 percent from the fourth quarter of 2005. Here is a link to the article that shows a chart for various markets in the USA.
http://money.cnn.com/2006/05/15/real_estate/NAR_firstQ2005_home_prices/index.htm
2006-11-04 21:48:42 · answer #3 · answered by Rod G 1 · 1⤊ 0⤋
I have been actively looking in the NY area for about six months now. I have seen prices drop approx. $50,000 per house in areas where there are more than 20 listings. My guess is that prices might still drop a bit more but begin to recover early next year when a) investors jump in on lower prices b) more buyers enter the market (newlyweds, getting school kids situated between school years.)
2006-11-04 20:28:05 · answer #4 · answered by purely g 1 · 0⤊ 0⤋
I live in Orange County, California and the prices are going down a little, but you cant even buy a condo around hear for under 350,000 and that a one bedroom in a neighborhood you wouldnt want to live in.
2006-11-04 18:52:03 · answer #5 · answered by mrcarl92807 3 · 0⤊ 0⤋
In michigan the prices are dropping very sharpley, in south Florida the prices are shooting higher everyday.
2006-11-04 19:01:52 · answer #6 · answered by Anonymous · 0⤊ 0⤋
it all depends on where you live ...there are states where the prices just keep going up and up and others that are softened. it's all about demographic shifts and supply and demand...can't really generalize about the whole country as every area is different.
2006-11-04 18:53:41 · answer #7 · answered by outtahere 3 · 0⤊ 0⤋
HORRIBLE!!!!!!!!!!! DUH!!!!!!!!!!!!!!!
2006-11-04 22:08:52 · answer #8 · answered by Anonymous · 0⤊ 0⤋