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Sunday, April 29, 2007

Approaching the first Housing Price Drop since the Great Depression

The National Association of Realtors predicts a fall in prices for 2007 of 0.7%.  That may not sound like a big percentage number, however if it comes to pass then it will be the first annual fall in housing prices in more than 70 years.  Last month in March housing prices slipped 0.3%.

The real test will come in June whent he first summer sales figures start to come in to play.  As kids get out of school and people moving start to pack up and make a move before school starts again the true test for housing prices will really start to show.

At the same time, Mortgage companies, banks and creditors of all stripes are learning to place nice.  They have to otherwise they will be next.  They are working with people more often to keep the revenue stream alive or else they will be stuck with a home that they can't sell in a market where home prices are going south.  Raising the question,

Who does the Debt Counselor Call when they need debt Counselling?