Housing Slowdown Affects Whole Economy
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The housing market is an integral part of the economy. As this New York Daily News Article points out, the market is in for a shake out.
The big question now is whether home prices will come crashing to earth with even more severe consequences.
The National Association of Realtors reported yesterday that sales of existing homes climbed to an all-time high of 7.072 million units in 2005, up 4.2% from 2004 and the fifth straight year sales have set a record.
However, in a sign of slowing activity, sales fell by 5.7% in December, marking the third straight monthly decline - something that had not occurred since early 2002.
“The bloom is definitely off the housing rose. Housing peaked last summer and has been weakening ever since,” said Mark Zandi, chief economist at Moody’s Economy.com.
Analysts are forecasting that sales of both existing and new homes will fall this year, perhaps by as much as 10%, reflecting the adverse impact of rising mortgage rates and buyer resistance to current price levels. via New York Daily News
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