Middle Tennessee Real Estate

Home Price Drop is Massive

According to my Comcast news, the drop in home prices has been massive in the last six months. It's the biggest drop this nation has seen in the last 35 years. Think about 35 years. It was 1971 35 years ago. I was 11 years old, and I'm old as the hills now.

Here's what was going on in 1971:

• Charles Manson and three "family" members convicted of killing Sharon Tate (what a yucky way to start this list)
• Apollo 14 lands on the moon
• Switzerland gives women the right to vote
• Filming of the Godfather begins
• NPR's All Things Considered broadcasts for the first time
• Door's musician Jim Morrison is found dead in Paris apartment
• Apollo 15 astronauts first to ride a lunar rover on the moon
• Walt Disney World opens in Florida
• The UNIX Programmer's Manual is published
• Led Zeppelin IV is released containing most requested rock song ever "Stairway to Heaven"
• Date set for withdrawal of troop from Vietnam
• Sara Evans, Ewan McGregor, Alison Krauss, Jeff Gordon, Lance Armstrong, Snoop Dogg and Christina Applegate are born

So you see 35 years is a long long time. I believe it's the market correcting itself because prices were going up too fast. Or to put it more professionally, the article states, "The declines in prices served to underscore the severity of the correction in the once-booming housing market, which had seen sales of both new and existing homes soar..." Here's the article.

Readers are always welcome to contact me at (615) 491-2161 with any real estate questions!

posted by Kathy T. @ 9:15 AM