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More to the point: there is a backlog of homes that's contributed to the slowdown. And prices are too high when there's just so much competition between sellers that none of them can get the asking price they want. It makes desperate sellers pine for the days of the housing boom and now we're in a housing bubble situation.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus

9 posted on 12/01/2006 12:43:04 AM PST by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives On In My Heart Forever)

Good time to buy though.

I have a friend that is settling on a new condo this week; $500.00 down on a $300K purchase price, 5/18% 30 year fixed first 10 year 7% second.

Financing like that will gradually soak up the overstock of homes for sale and the market will re-set.

12 posted on 12/01/2006 3:30:43 AM PST by Jimmy Valentine (DemocRATS - when they speak, they lie; when they are silent, they are stealing the American Dream)