Existing Home Sales Plummet in 2006
By Dina ElBoghdady
Washington Post Staff Writer
January 25, 2007
Sales of existing homes fell slightly in December after two consecutive months
of modest gains and sales for the year fell to the lowest level since 1989,
the National Association of Realtors reported.
But home prices rose 1.1 percent for the year and the supply of single family
homes, townhouses, condominiums and co-ops for sale shrank slightly from November
to December — offering some hope that the housing market may be on the mend,
some economists said.
"During the summer, the housing market was like a trauma patient being
wheeled in with multiple wounds," said Michael Larson, a real estate analyst
for Weiss Research. "There’s some momentum back in the market, but I don’t
think the patient will get off the gurney and walk out the door any time soon."
See full article here:
http://www.washingtonpost.com/wp-dyn/content/article/2007/01/25/AR2007012500510.html
