The Seattle Times
, covering the National Association of Realtors' convention in Las Vegas, reports
that the housing boom "is over and the dust is now settling, Lawrence Yun, the group's chief economist, told the thousands of real-estate professionals meeting here."
This is the first year since the Great Depression to register a nationwide decline in median home prices, Yun said. His latest numbers put the drop at 1.7 percent. "We're in a time of fear," he said.
Yun expects that sales of homes on multiple-listing services will be "bottoming out in the current quarter, then rebounding by mid-2008," the newspaper reports.
However, many other economists are far less optimistic. They predict weak sales, sinking new home construction and falling prices through next year and emphasize that those problems could worsen if the economy sinks into a recession.