From the looks of things, it seems the Bubble has popped and the National Association of Realtors (NAR) has released their quarterly report which acknowledges median prices on existing homes in the U.S. rose 4.1 % in the second quarter from the first quarter; this was the first quarterly increase since the first quarter of 2007. The report shows that median home prices on a quarterly basis rose in 126 out of 159 metros. However, the nation as a whole is still challenged, the median home price fell 15.7 percent on a year over year basis.
In more housing market news, Warren Buffett “Americas Billionaire Next Door” tells CNBC that he’s not expecting to see a ‘double-dip’ recession and sees a significant improvement in residential real estate… “I think we’re certainly—through the worst of it in residential real estate in all probability”. See the entire taped interview with Becky Quick on cnbc.com at: COMPLETE INTERVIEW – VIDEO & TRANSCRIPT
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