Industry News

Housing confidence at low point

Part 3: Effects of a national housing slump

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Editor's note: Many real estate markets have slowed, and the effects are now being felt by brokers and agents who are struggling through tougher negotiations, and buyers and sellers who are aware of changing times. Among consumers, the slowdown has shaken up expectations and attitudes toward home buying, causing them to worry about future price decreases. In this three-part report, Inman News examines three areas of impact: how the slowdown is expected to influence economic growth; problems created in the property appraisal process; and consumer attitude toward home buying. (Read Part 1 and Part 2.) In his five years working as a real estate agent in Charlottesville, Va., Jim Duncan of Century 21 Manley Associates, recently heard a prospective buyer say something he'd never heard before: "There's just too much to choose from." Homes sales in markets nationwide have slowed considerably in the last year, causing property inventory levels to rise and price gains to slow or even decli...