The last three months of 2006 saw home prices fall in over half of the country's biggest metropolitan areas, according to the National Association of Realtors (NAR). In addition, the number of homes sold fell in 40 states plus the District of Colombia. As prices and sales drop, the number of homes on the market rises. Is there any hope for the market in the near future?
NAR believes so, saying that it expects sales and prices to rise in the Spring. David Lereah, NAR's chief economist, says that "home sales are leveling at historically high levels." Data from the Office of Federal Housing Enterprise Oversight shows that prices were in fact rising overall in the third quarter of 2006.
To read the full article by Vikas Bajaj, go to Home Prices Fall In More Than Half of Nation's Biggest Markets
To find out more about specific market trends in Santa Cruz County and what you can do to get your home sold for the most money in the least amount of time, please contact me at 831-457-5550 or frank@frankmurphy.net
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