Sunday, August 26, 2007

House Prices Down Nationwide

According to this report from the New York Times, this year will see the largest drop in the median price of a home in the US since the federal government started keeping records 50+ years ago. The drop's going to be slight, about 1-2% but it will probably keep going down until 2009. Even here in the Midwest, where prices didn't hit the levels they did on the coasts, you can expect to see the value of your house decline. There is good news from the article:

Unless the real estate downturn is much worse than economists are expecting, the declines will not come close to erasing the increases of the last decade. And for many families who do not plan to move, the year-to-year value of their house matters little. The drop is, of course, good news for home buyers.

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