Stupid things heard in 2004/2005/2006:
Nah, home prices never go down!
There's never been a fall in US median home prices, so pay anything anyone asks!
Trust me! I'm a REALTOR!
And here's the reality today (well, almost reality. Of course these numbers don't include the incentives and cash-back being used to clear dead inventory):
NEW YORK (AP) -- U.S. home prices fell 4.5 percent in the third quarter from a year earlier, the sharpest drop since Standard & Poor began its nationwide housing index in 1987, the research group said Tuesday.
S&P also reported that prices fell 1.7 percent from the previous quarter, the largest consecutive quarterly decline in the index's history.