Home Prices Sank in 2007, and Buyers Hid
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The median price of an American single-family home fell in 2007 for the first time in at least four decades, according to the National Association of Realtors.
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WASHINGTON -- The prolonged slump in housing pushed construction of new homes in 2007 down by the largest amount in 27 years with the expectation that the downturn has further to go.
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U.S. housing starts fell 3.7 percent in November, with construction of single-family homes sliding to the lowest level in more than 16 years as builders scrambled to cope with a deep drop in sales.
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Stocks fell on Monday, but the market managed to make a modest advance in 2007 after gains in energy and technology offset the dramatic sell-off in financials from the mortgage market meltdown.
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The prolonged slump in housing pushed new home construction in 2007 down by the largest amount in 27 years with the expectation that the downturn has further to go.
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For the year, sales of single-family homes were down by 13 percent, the biggest drop since a 17.7 percent plunge in 1982. The median price for a single-family home dropped to $217,000.
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New home sales plunged in 2007 by the largest amount on record while home prices tumbled sharply in December. Analysts forecast more trouble in 2008 as housing tries to emerge from its worst slump in more than two decades.
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U.S. growth skidded lower in the fourth quarter and was the weakest in five years for all of 2007, according to a government report on Wednesday that highlighted the toll an enfeebled housing sector has taken on the national economy.
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Sales of existing US homes fell by 12.8% last year, the biggest decline in 25 years, figures show.
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Slowing real estate sales coupled with the subprime mortgage mess are two of the reasons some people say a recession is nigh.
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Stocks opened lower on Monday on the last day of 2007, with investors jittery ahead of existing home sales data.
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New single-family home sales fell  4.7 percent in December to its lowest rate in nearly 13 years  while the median sales price dropped sharply and the inventory  of unsold homes climbed, according to a government report on  Monday that delivered more grim news for the battered housing  sector.
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Strained by an ailing housing market and credit woes, the economy in 2007 is expected to log its worst growth in five years and should be somewhat sluggish next year.
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Home ownership in England fell for a second year in 2007, and hit its lowest level since 1998, official figures claim.
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Sales of new homes dropped to the slowest pace in over seven years, foreshadowing further economic trouble ahead.
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The Massachusetts housing market will remain in a slump, and by the time it hits bottom about a year from now, prices will have dropped 14 percent from the peak in 2005, according to an economic forecast released yesterday.
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Average U.S. home prices rose 7.73 percent over the 12 months to September 30, but the quarter-to-quarter gain was the lowest since 1998 and indicates a sharp deceleration in house price gains, the U.S. Office of Federal Housing Enterprise Oversight reported Thursday.