First drop in home sales in 11 years.

[sarah]

CNN had this article online discussing the prices of homes for sale. I hadn't realized that they have dropped for the first time in eleven years. I was aware of the fact that the current economy would have some affect on all aspects of commerce, but somehow I didn't seem to connect the dots on this one.
Anyone have anything to say on this?

http://money.cnn.com/2006/09/25/news/economy/homesales2/index.htm?postversion=2006092513

 

[harleysneak]

I just wanted to say I saw this as well and my first thought was oh it would be a great time to buy that bigger house I'd love, however then the realistic part, oh wait, I'd have to sell mine first and it would also be lower. I guess the two can never work well together. It can't be both a buyer's and a seller's market.

 

[sarah]

That is true, but I suppose if you had been renting a place and been saving money for a while you would be in a good spot. You wouldn't have to worry about selling a house at a lowered price, but you could reap the benefits of buying one for less.

 

[tater03]

We just bought our first home and we actually got a great deal because they are having such a hard time selling them right now.

 

[xboxundone]

the drops arent over especially in markets that had huge rises.

 

[kida]

"Bush Team to the Rescue!"

President Bush & Co. have frozen the subprime mortgage rates, reducing foreclosures and rallying stocks. Here are the details of the actual plan, which includes a five-year mortgage rate freeze.

 

[xboxundone]

I just hope that they don't end up trying to pass a bill for the US government to bail out foreclosures as i was hearing rumors of it... and it is the worst idea ever... while i agree some of the tactics in promoting some of the mortgages were wrong but most knew they couldn't afford the home and were taking a gamble and hoping to win...(to turn a quick profit) and some did but now it is the losers stuck holding the bill and I don't want any hand in helping pay it via federal taxes.