According to this article I found on the BBC, US home sales are at the slowest rate in 4 years, with no end in sight. I know that in other parts of the country, housing prices have dipped, but I'm still waiting for that to happen here.
But as far as I can tell, the economy isn't slowing down, so I assume that there isn't as much money to be made in real estate anymore. The stock market has been solid of late, which leads me to believe that investors are putting their money elsewhere. Or I could be completely wrong and we could be headed into another recession.
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The theory that I've heard is that housing is off (due to interest rates increasing, a remarkable run up in housing prices over the last 9 years and a general correction in the housing market), and people are putting their money into the stock market. October this year is suppose to have a large amount of ARM loans change rates which will hurt people paying mortgages, and the cyclical recession down turn is due to start this fall (which is really hard to predict if that really will happen then).
All of this conspires to put pressure on home sales.
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