A blog dedicated to tracking the continuing decline of housing markets throughout the USA. It is a long slow decline. But, decline it will. The speculative episode was simply unsustainable. With special attention to the Washington, DC area. Please join in the discussion.
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One Quarter of Home Sales are Below Original Purchase Price
Posted on August 15, 2008
CNNMoney reports:More homeowners than ever are selling at a loss, propelling the real estate market deeper into crisis.In the 12 months that ended June 30, nearly 25% of all homes sold nationwide fetched less than sellers originally paid, according to real estate Web site Zillow.com.While the nation's double-digit decline in home prices has been well documented, the new report underscores the economic force of those price declines. Homeowners are walking away with much less in their pocket when they sell. And that affects more than the real estate market. It's stunning what's happening out the...
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