WASHINGTON (AP) - Experts are predicting a slow comeback for the
Sellers are facing the most brutal climate in decades, as
falling prices, a slumping economy and rising foreclosures combine
for the perfect economic housing storm.
Construction is expected to drop to the slowest pace since the
40s and prices are expected to decline by the largest amount since
the Great Depression.
Hardest hit are the states where sales boomed the most:
California, Florida, Nevada, Arizona and parts of the Northeast. In
the Midwest, shrinking jobs in the auto industry make homes even
harder to sell.
The National Association of Realtors says 46 states saw sales
decline in the first three months of this year compared with the
same period last year. The state with the biggest drop was
Maryland, down nearly 39 percent from a year ago.