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Friday, January 25, 2008
Ind. Law - More on: Hoosier homeowners hit by perfect storm
Updating this ILB entry from August 25, 2007 about ballooning property tax bils and home prices spiraling downwards (if there were buyers), the NY Times reports today, in a story by Michael M. Grynbaum, that is headed "Home Prices Sank in 2007, and Buyers Hid":
The median price of an American single-family home fell in 2007 for the first time in at least four decades, according to the National Association of Realtors, a trade group.“It’s the first price decline in many, many years,” the group’s chief economist, Lawrence Yun, said Thursday. “And possibly going back to the Great Depression.”
The median price of a single-family home fell 1.8 percent, to $217,800, the first annual decline since reliable records began in 1968.
And even as prices plummeted, buyers vanished. Over all, sales of previously owned single-family homes dropped 13 percent in 2007, the biggest decline in a quarter-century. (The group’s survey excludes newly constructed homes.)Economists now say the housing market, plagued by its worst downturn since the early 1990s, will not bottom out until at least the summer, and even then sales are expected to remain sluggish. [ILB emphasis]
Posted by Marcia Oddi on January 25, 2008 01:17 PM
Posted to Indiana Law