The results are in and it’s official: 2006 was indeed a sucky year for the national housing market. According to the National Association of Realtors, existing homes sales fell 8.4 percent last year, the worst annual drop since 1989. The decreasing number of transactions, though, was somewhat mitigated by the fact that prices managed to hold up, with the median price of an existing home edging up about 1 percent. And we can put all our worries aside: David “No Conflict Here” Lereah says that the worst is behind us. “With fingers and toes crossed, it appears that we have hit bottom in the existing home market,” he said.
Existing Home Sales Plummet in 2006 [Yahoo]