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...reports. But there is plenty of further room to fall, say economists who forecast where the housing market is headed. The median sales price of existing homes fell to $175,400 in December, down 15.3% from a year earlier, according to the National Association of Realtors (NAR). And the S&P/Case-Shiller index shows that home prices in 20 cities fell 18.2% in November compared with the year before. Both measures make houses about as expensive as they were...
...house, or even to make the payments on the one they have. Foreclosures exacerbate the problem, as banks tend to sell repossessed properties on the cheap. December saw a surge in existing-home sales, especially out West, but 45% of those were distressed sales at discounted prices, according to NAR. (See which country has the best stimulus plan...
...fairly valued, but we overshot on the way up, and it's very likely we'll undershoot quite a bit on the way down," says Patrick Newport, an economist at the analytics shop IHS Global Insight. His firm's forecast is for another 10% to 15% drop in NAR's median sales price before things start turning around next year - and that's assuming the economy begins growing again in the second half...
...Association of Realtors was holding its annual conference, hopefully entitled "Destination: Success." Lionel Richie performed and recently unretired bicyclist Lance Armstrong gave a motivational talk. Despite the optimistic theme and the headline guests, attendance was down 20% from a year ago to 20,000 real estate agents. In all, NAR president Charles McMillan says the number of working real estate agents has dropped about 10% nationwide to 1.24 million, from a peek of 1.37 million two years...
...NAR president Charles McMillan says his organization has "shared the proposal with members of Congress in recent days" but doesn't know whether enough lawmakers would support it. "We don't have a read on that yet," he says. (See pictures of the global financial crisis...