Patt Morrison

<em>Patt Morrison</em> is known for its innovative discussions of local politics and culture, as well as its presentation of the effects of national and world news on Southern California. Hosted by

March marks morbid market for housing

by Patt Morrison

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A spec home is offered for sale in a housing development on March 16, 2011 in Wauconda, Illinois. Photo by Scott Olson/Getty Images

As it turns out, any housing market recovery that’s been predicted is still a long way off, according to data out this week from the National Association of Realtors. They found that February broke a three month stretch of gains, plummeting sales of pre-owned U.S. homes by 9.6 percent. That was the single largest decline since July, with prices near a nine-year low, worse than even the most pessimistic economists’ predictions. Winter weather, tight credit conditions and lagging home appraisals all had a hand in the plunge. Economists say it’s difficult to predict what will happen from here on when you add a glut of homes on the market, fed by a flood of foreclosures, and rising crude oil prices that have forced many to scale-back spending. How do you fit into the housing market? Are you looking to sell but waiting for your home to regain its pre-plunge value or are you in threat of foreclosure? Are you looking to buy but waiting for the market to level out? Patt fields your housing questions and gets a better picture of the landscape out there.


Thomas Davidoff, assistant professor in the Sauder School of Business at the University of British Columbia

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