The number of buyers looking to purchase a single-family home dropped nationwide, according to a recent poll by the Associated Press. According to the poll, 60 percent of those who responded said that they were not interested in buying a home in the next two years.
This is a significant jump from the 53 percent of responders who responded the same in a similar poll in 2006. Also, according to the poll, only 11 percent of responders were very likely to purchase a home in the next two years, down from 15 percent who answered the same in 2006.
Many buyers are wondering how fall prices could fall, particularly in markets that were hardest hit by the credit crunch. Markets such as Las Vegas, southern California, and south Florida all saw double-digit drops in prices in 2007. The rampant development of investment properties in these markets could mean that the bloodletting is not through for these markets, keeping buyers at bay.
Chicago continues to see sales hit new lows. According to data from the Chicago Association of Realtors, a total of just 1,175 Chicago Homes were sold across the city during the first quarter. This is the lowest total sales seen during the first quarter in more than a decade.
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