Home Prices Are Dropping And Will Continue To Do So Say Economists
The New York Times is reporting that the median price of American homes is expect to drop for the first time in 50 years. This eventuality is going to spell even more trouble for homeowners who are either trying to sell their home now, or will be forced to sell in the near future. The thing that is amazing about this story is that so many people in the real estate industry said that the nationwide decline in home prices would never happen.
From the NY Times:
In all, Global Insight expects a decline of 4 percent, or roughly 10 percent in inflation-adjusted terms, between the peak earlier this year and the projected low point in 2009. In California, prices are expected to decline 16 percent — or about 20 percent after taking inflation into account.
As of July 2007, the median home price of all homes for sale in New Jersey was $449,000. That means by these projections the median home price in 2009 may be closer to $404,000.
Need to sell now before time blows up 10% of the profit you stand to make? Call or email us today.
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