Home Prices Edge Downward

Wednesday, November 30, 2011 — Another topic the popular press is covering on a daily basis is foreclosure.

In today’s WSJ report on changes in an S&P index of home prices, home building consulting firm president John Burns is quoted as saying home purchasers are only buying when they get a great deal, a sentiment that I would relate to the news over last weekend’s consumer spending related to Black Friday and Black Monday deals for consumer goods.

“Buyers don’t want to tell their friends ‘I bought a home.’  People look at you sideways.  But if it’s a foreclosure, they pat you on the back,” Burns said.  “People need to feel like they’re getting a great deal.”

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