Stunning new finding today. According to the University of Michigan’s monthly Survey of Consumers, consumer confidence dropped to it’s lowest point in 12 years, pulling homebuying plans to their lowest point in a decade. According to Inman News, "The decline in home-buying plans was due to an
increasingly negative reaction to high home prices, as consumers expressed in
September the least favorable assessment in nearly a quarter century."
How did the housing market go from record high real estate searches on Boston.com in March of 2005 — seven million page views generated by one million homes for sale searches — to no-shows at suburban open houses, and now this news?