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I had previously speculated that November’s steep drop in activity might be due to the general economic ugliness underway. That may well have been the case. But mortgage rates have dropped sharply over the past couple months, and I suspect this is acting as a countervailing force and pushing some would-be buyers off the fence.
Whatever the cause for the increased activity, the recent median price declines and geographical buying patterns make it fairly clear that those who are buying have a general preference for lower-priced properties.
— RICH TOSCANO