Housing prices at a standstill

[zengrifter]

Housing prices at a standstill

By Patrice Hill
THE WASHINGTON TIMES
July 28, 2006

The housing slump reached a new milestone this spring as home prices that were soaring at double-digit rates only a year ago reached the break-even point and started to decline in many once-booming areas, recent reports show.

After an unprecedented run that fueled economic growth for five years, housing has become a drag on the economy. Sales of new and existing homes are down about 10 percent from a year ago, home construction is tailing off, and mortgage financing has collapsed by 28 percent from levels pumped up by record home purchases and refinancings last year.

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