CNN reports home sales are slowing, condos are slipping, sellers cant get their asking prices and real estate bulls are acting with much more caution.
If your looking for short term gains it would appear your in the wrong market. Even professors who have argued in the past that land shortages & ever rising populations in cities such as San Fransisco & New York would fuel everlasting price rises are going back on their words.
Some markets & indicators:
Coastal & South West – Previously very boyant fueled by low interest rates & people buying up the American dream, this is coming to a end very shortly
LA - House are currently at 10 times the median salary, enough said !
Markets who’s price rises have risen dramatically compared with income are expected to fall come 2007.
Decline are expected to be as high as upto 20% in Miami & Las Vegas.
A crash isnt expected accross the states, If you own in Atlanta or Philadelphia or just about anywhere in the Midwest or Texas you should continue to see steady increases as these areas havent boomed like other parts of the US.
Base your strategy on where you live & keep a close eye on the market!