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September 25th, 2007 11:28 AM by David W. Welch
Sales of existing homes are down across the country to the lowest level in five years. Let's not forget that the last five years have seen unprecedented growth in home sales. In other words, the sky is not falling. The other thing to keep in mind is that there really is no such thing as a nation housing market. Three different reports today had three different results as far as prices are concerned. The report of the whole country saw prices rise slightly while another report showed prices dropping slightly and another had prices showing the greatest drop in 16 years. I'll give you one guess which one got the headline. The biggest drop only measured 10 cities across our country.