Cooling Housing Market (finally!)

Surprising reports came out yesterday saying housing sales were up in May. This seemed to be defying the odds even in this seemingly bulletproof market. So where's the correction? The prices that the homes sold for are finally turning downward. A young married couple who's been pushed out of the market in the past few years may finally have a chance to get in. Of course, the interest rates are going up, but with housing prices falling, the value could be about the same. One reason for the falling prices according to the Real Estate Journal is that the boomer market has begun to turn away from their larger homes as their children have all moved out. In addition, fuel prices have made living more expensive. And finally, many are downsizing to use their large home equity for retirement security.