From the Virginia Daily Press, we have Novelda Summers writing about: Report cites economic decline.
The slowdown in the region's economy -and particularly in the Defense Department's efforts to help military members buy homes off base - will drive push deceleration in the region's housing market. That market currently sees homes overvalued by about 20 percent - twice as overvalued as last year at this time.
That doesn't mean prices are due to fall, Koch said. It means sellers won't make as much of a profit as they might have expected, and homes will stay on the market longer. A house listed at $400,000 might fetch $350,000, or sellers might find themselves offering incentives such as closing costs.
Prices are "not due to fall", but a "house listed at $400,000 might fetch $350,000."
Illegal drugs, or stupidity? You decide.
Tuesday, October 03, 2006
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