2006: Year of market correction

2006 was the year that some real estate forecasters had been predicting for several years. It was the end of the boom that was characterized by historically low interest rates, frenzied sales, large-scale new construction and rapid price appreciation. But it was not a bust, as many real estate markets in the country still experienced above-average sales.

"All of the sudden this seller's market had morphed into a buyer's market," said Nicolas Retsinas, director of Harvard University's Joint Center for Housing Studies.

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