It means the housing market will probably do what the forecasters are predicting, weak prices through most the year with a pick up late this year and into 2008. They forecasted low single digits last year and we got 1.1% increase on existing home prices while new homes sagged. The US was suppose to go bankrupt back in the 90's, go figure.
yup, all my friends that thought they were geniuses by buying condos and telling me i was crazy for calling top in my area back in sept-oct 05 are now hating life cause they can't get rid of them
I couldn't agree with you more. It will be a big domino effect. The majority of increased net worth came from paper profits in housing, unless you cashed out. Then ppl. took that money and bought worthless crap made in China.
As a Korean, I feel a big problem regarding the housing market. I remember I couldn't catch up the growth of economy with my salary. Back in from 1980 to 1990, I got raised 10% every year, but inflation was way more than that. Right now, the market is a little ease compared to that period, but there's still a lot of room to catch up. Hopefully, get economy growth slow down this year.