Many forecasters are predicting steady price drops into late 2008 or early 2009. I do think prices are headed down in our area of Seattle/Tacoma. This will provide some good investing soon! Here is a report that shows predicted price drops for major cities. http://www.money.cnn.com/2007/09/19/real_estate/steep_home_price_drops_coming/index.htm?postversion=2007091915
Whats your prediction for your area? Here in the Seattle area, I think we will hold our own and remain flat. Some of the outlying areas such as Kent, Renton, Federal Way areas will go down 8-12%
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