NYTimes.com reports that home resales and prices continue to fall recently. In fact, the National Realtors Association (NRA) confirmed Monday that the sales of previously owned homes have dropped for six consecutive months now.
The decline was less than the forecast of analysts but is the lowest since the survey began. The median home price has gone low to $201,100, down by 4.6 percent in 2006.
One of the causes seen why home resales and prices have dropped is the weak demand for previously-owned homes which prompt homeowners to lower their asking price. If this trend continues, we can safely assume that the housing industry will suffer and plans to purchase a home, may it be for living purposes or as a form of investment, should be something that we should cautiously decide on.
For the link to the article by NYTimes.com, click here.
