Continuing to examine and hold a lively discussion of the Northern Virginia Real Estate market.
Please post your local house search updates, MLS finds, on-topic ideas, and links here.MRIS May market statistics will be out today.
Home sales continue to dropWSJ
Double dip in housing prices? How far will this second dip go?If there is a double dip, will this contribute to a double dip recession?
Jeff-Personally I think housing prices will fall ~0-10% depending on what part of the country you are looking at. I personally do not think this will bring us into a double dip recession, but rather just keep the recovery weak and the unemployment high.I also think the analysts were silly to not expect sales to fall as much as they did after the credit. You almost always have the ability to push a sale forward or backward a month or two so why wouldn't people have moved the sale to where they could get the credit. The real question which will take several months to figure out is this like cash for clunkers or did this really pull demand forward for years.
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