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reno realtor:Is it too late to get out of the real-estate market? Is it too early to get back in? An expert on the mysteries of the bubble.
There are lots of euphemisms for the state of the housing market these days. Depending on what you read, real estate is cooling, softening, stabilizing, bursting—or simply sagging. However it's described, some of the new data on home sales is causing angst among brokers and sellers. Existing home sales (80 percent of the residential market) dropped for the fifth month in a row in January (they fell 2.8 percent from December 2005) according to the National Association of Realtors. And there is a lot of inventory of unsold homes out there—2.91 million—the largest supply in eight years. On the other hand, prices held steady in January—and in 2005, they actually rose 13 percent over 2004, says the Office of Federal Housing Enterprise Oversight.
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