Summer 2006 has come and gone, and so has the busy part of the selling season. Sales generally decline from Labor Day until spring. Summer sales in Phoenix dropped to about 2002 levels, but inventory has doubled, and buyers and sellers are at a standoff.
According to today’s Business Week:
The housing market is looking sicker by the day. On Sept. 7, the perpetually optimistic National Association of Realtors acknowledged for the first time that housing prices are likely to fall on a year-over-year basis, at least for a time.
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