Home prices fall for 3rd straight quarter

As expected, the price of homes has fallen for the 3rd straight quarter according to the National Association of Realtors (NAR). The decline is an average of 6.5% below the peak in 2006.

Fortunately, the relatively stable interest rates have created opportunities for those looking to buy and this has helped soften what could have been a much worse blow. Experts predict the decline is nearing an end but that is a blanket statement that will not be true for some higher priced homes that saw major increases in the short time span earlier this decade.

This is to be expected and if you are a long term buyer it should not discourage you. Waiting for the market to turn is as difficult as buying a stock at its bottom and could result in a sellers market.

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