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I’m catching up on my reading and blog-following from a week with family in British Columbia (where home prices are softening after a housing boom, but still appreciating in many neighborhoods).
I included some analysts’ take on what’s next in our story today on the 2007 housing market. But I’ve been finding a few more as I’ve been clicking around today. Here’s a few to give you a sense of the bloggers’ predictions for 2008.
Diana Olick from CNBC’s Realty Check blog added this perspective:
Prices are going to have to come down far enough for people to think they’re getting good deals again. It’s up to the sellers to turn this market around, or at least turn back time to normal days when buying a house didn’t require taking out a risky loan that was never intended to be remitted. Those loans don’t exist, and those buyers don’t exist.
A thought from Peter Coy at BusinessWeek’s HotProperty blog, on the national housing market:
Sure, the price declines to date may seem big … But they really aren’t that big considering how prices rose so rapidly for so long. Even at these levels, prices are too high for the average buyer. I think predictions of another 10% decline in 2008 and 2009 aren’t out of line at all. Prices could fall even more. Not rapidly. More like a deadly drip, drip, drip.
And from the LA Times‘ op-ed columnist Joel Stein, here’s a gloomy and tongue-in-cheek prediction for the housing market from today’s paper:
Home prices drop an astounding 15%. Far more disheartening to Americans who bought homes in the last three years, stainless steel kitchen appliances go out of style.
Got some predictions of your own? Click my name below to send me an e-mail, and let me know if you’d mind me including your thoughts in a future post. Happy New Year!