S&P’s Chilling Report
Standard and Poors released a report showing that the housing prices fell sharply, way sharper than every one expects. What S&P terms “S&P/Case-Shiller home-price index” dropped 10.7% since January 2007, after 9% drop in December compared to a year earlier.
Although this week news came out that existing home sales is one the rise, it seems that there are different type of buyers this time. Buyers are either trying to take significant advantage of the market, or strong investors are buying investments when there’s lots of blood. And I still believe that the market will bounce back, yet it looks this time that there’s a different type of bouncing back. There will be a lot of sales at low price first, then the price will start following as demand increases.
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