There’s no real market correction where consumers are concerned.
Yes, home price appreciation has slowed considerably, and nationally an expected 1% price drop is foreseen for 2007. This drop is coming, however, at the tail end of a five-year spurt that increased home prices by 53 percent. The market may be taking a small step backward, but that’s after taking 53 steps forward.
Even a relatively large price decline, such as the 12 percent drop as seen in the area of Sarasota, Fla., cannot reasonably be called a correction when this market had a 150 percent price increase during the boom.
Fewer home sales and fewer homes coming on line, equal more buying opportunities for consumers…
- National Association of Realtors, July 2007 -