Housing Market Cooling, But Not Crashing...

Housing market cooling, but not crashing, from MSNBC.com, reports that the housing boom has ended, but in most markets across the country, sales continue at a brisk pace. The housing sales in many markets have slipped from the hot pace of the past few years, which was driven by low mortgage rates, easy credit and investor activity. "This is...evidence that we're experiencing a soft landing," said National Association of Realtors chief economist David Lereah. "We may see some minor slowing in home sales as interest rates rise, but the market is clearly stabilizing. We now see appreciation cooling to single-digit rates of growth-- another sign that the markets are stabilizing," he added. The article mentions Phoenix also, stating that if you're one of the many investors who gambled on real estate in Phoenix, Las Vegas, Florida, or elsewhere, chances are now is not the best of times for you. In some areas where speculators were especially active-- such as in Florida, Phoenix and Las Vegas, investors are now backing out of contracts, leaving money on the table as the flee the market.



http://www.msnbc.msn.com/id/12800144/