Steepest home appreciation Drop in more than three decades!

A new federal report shows prices fell in more than 61 of the 275 tracked cities. And the decline in quarterly appreciation was steepest in more than three decades.

One economist wrote: “The 7.0% plunge in the (NAR) pending home sales index for June is astonishing; it points to existing home sales dropping to about 5.9 (million) from the 6.33 (million) June level. … We continue to expect a 40-to-50% drop in home sales peak-to-trough, so there is still a long way to go.”

This same economist expects “substantial price falls in 2007 and maybe even bigger ones, continuing down for a number of years. That’s the kind of pattern we’ve seen in the past.”

If you feel this economist is correct, there could still be time to unload your current investment property prior to what could be a much larger, and prolonged period of equity depreciation. San Diego real estate broker – Bob Schwartz  Cell: 619-300-8819