The image says it all- homebuyers are having a more difficult time securing financing, foreclosures have reached record highs, unsold homes flood the market and prices have dropped dramatically, however the one thing we can be thankful foris that all regions experienced drops in sales except the West.
On Friday, the Commerce Department reported that sales of new homes in the Midwest dropped 27.6%, the Northeast plummeted to 19.3%, the South fell to 6.4%, but in the West, sales rose 4% from October 07 to November 07. (Click here to read more)
We have continued to remain one of the strongest housing markets in the US, but over the last 12 months, sales nationwide have decreased by 34.4% (said to be the largest annual slide since early 1991) and many economists are predicting a housing crash is in the near future. Of course media coverage only seems to worsen perceptions of the housing market so I am interested in knowing what some of you think will happen in 2008 in Seattle and on a national levelthoughts?