Best Time to Buy Real Estate

... is now! With home sales slowing, prices are dropping, making is easier and cheaper for you to start or expand your investment in real estate.

 

U.S. Home Sales' Biggest Drop in 25 Years

WASHINGTON (Associated Press) – Sales of existing single-family homes in 2007 plunged by the largest amount in 25 years according to a recent report from the National Association of Realtors (NAR).

NAR reported a 13 percent drop in sales, the biggest drop since a 17.7 percent plunge in 1982. The median price for a single-family home in 2007 dropped 1.8 percent to $217,000.

Sales of single-family homes and condominiums dropped by 2.2 percent in December to a seasonally adjusted annual rate of nearly 4.9 million units. U.S. home sales were down 22 percent compared with December 2006.

Sales throughout the country were down last month, falling by 4.6 percent in the Northeast, 1.7 percent in the Midwest, 1 percent in the South and 2.1 percent in the West.

The inventory of unsold homes dropped by 7.4 percent.