Homeowners, get your down payments ready.
Single-family home prices in the United States dropped nearly 8 percent in the first quarter of this year, the biggest year-over-year plunge since the National Association of Realtors began keeping score in 1982. The Census Bureau reports that a record 2.9 million vacant homes are on the market.
"We think affordability is at its peak," says Gus Faucher, director of macroeconomics at Moody's Economy.com. The firm predicts prices will bottom out in the middle of 2009, declining 23 percent on average from the peak in the second quarter of 2006.
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