Home Prices And Sales Volume Drop Further
January 13, 2008
While mortgage rates rise, home prices continue to drop - a trend that may soon change direction, according to several experts. In October, prices dropped (nationally) by a whopping 6.7 percent from the preceding month. That was the 10th consecutive monthly drop and the largest since early 1991.
"Sales of homes will likely start to rebound this year with price appreciation to follow," said Patrick Newport, a noted economist with Global Insight, a consulting firm. The sluggish market has impacted the sales of newly constructed homes most severely. New home sales dipped to the lowest level in more than 12 years, dropping 9 percent in November from the previous month, according to a report from the U.S. Commerce Dept.
Posted in All Things San Diego, Lending, Real Estate
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