US Housing markets entering sustained decline?

Using market trends detailed in an article in the Boston Globe today entitled, US Housing market seen declining in 2006, economist Michael
Bazdarich concluded:

"…we believe housing is due for a sustained decline…  The remaining questions are
how hard the fall will be and when it will begin." 

Take a look at The Real Estate Cafe’s graph of 32,000 expired listings in Massachusetts below, then let us know if you think the decline has already begun and how far prices will fall.  If you are housing hunting now in Greater Boston, what kind of price reductions are you seeing and do you agree that the "holiday season is an ideal time to buy?"

Posted in Housing forecasts

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