Study: Hot housing market turns to big chill

In an article entitled, "Study: Hot Housing Market Turns to Big Chill," Daniel P. Ray of BankRate.com tells us of a new report that shows more than half of U.S. cities that experienced housing price declines in the fourth quarter of 2006. He mentions that prices fell in 73 metropolitan areas surveyed by the National Association of Realtors; that prices rose in 71, and that five areas remained unchanged. The two states that had the biggest declines were Ohio, where the loss of manufacturing jobs has shredded the economy, and Florida, which he said enjoyed stratospheric price appreciation during the housing boom.

Despite these findings, Ray said that Realtors remained optimistic, "The ever-optimistic Realtors sounded a positive note in their report. They said the report likely marked the bottom of the current housing cycle, because the decline in prices show that home sellers have finally awakened to the reality of the declining market and were willing to negotiate lower prices."

Click here to read full article, "Study: Hot housing market turns to big chill" by Daniel P. Ray, BankRate.com!