Subject opinion to coercion: whom will you make your inquisitors? Fallible men, governed by bad passions, by private as well as public reasons. And why subject it to coercion? To produce uniformity? But is uniformity of opinion desirable? No more than of face and stature.

- Thomas Jefferson

Homes Becoming Less Expensive

Home prices continue to decline, significantly, with greater declines expected. Good for future home buyers; bad for home sellers; worst for those trying to live off of the increasing equity in their homes.

'It appears quite clear at this juncture,' said Joseph Brusuelas of IDEAglobal, 'that the consumer has reached a psychological point where expectations of future price declines have become entrenched. We consider this to be eminently rational behaviour on the part of potential homeowners and until the new homes market observes a decline in the median price of homes and falling rates, there will be little incentive to step up purchasing activity.' [Read]

There are opportunities where there are problems, especially if you were wise enough to avoid the problem--the bubble was foreseeable.

posted at 21:33:44 on 12/29/07 by clearpolitics - Category: Economics - [Permalink]

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