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By Rodney Jameson

Prices of existing homes will continue to fall this year and won't approach 2007 levels until 2010. Price, however, shouldn’t be your only financial consideration. The days of easily obtainable money are behind and borrowers will find the requirements much more stringent than a year ago. Price alone is not the Key to affordability.

Prices would rise a bit in one year and then drop in the next but were never more than $10K (or 5%) from the $208K average for that period. During that same period, roughly 47,000 homes would sell on average each year, but exact sales volumes per year were far more variable than prices.

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Article added 04/05/2008.
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Will Home Prices Go Back to 2007 Levels