Monday, August 27, 2007

NY Times Documents National Decline in Home Prices

The New York Times lead story Sunday reported on an anticipated small decline in home values nationwide. The on-line version includes many links to source material, and a video summary by the reporter.

An interesting comment at the very end is by the National Association of Realtors® former chief economist. He acknowledges being late to join the bears in believing home prices could decline. But he adds that the pessimists were much too early when they cried chicken little at the beginning of this decade.

The report also notes that for most people a fluctuation in the value of their home in any particular community won't have much impact on a single family's household economics. The real significance is that a leveling of home values nationwide will be a drag on consumer spending that has in the past been driven by borrowing against increasing home equity.

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