Real estate slowdown

Here are the unhappy totals for real estate sales for Cook County single-family homes for May 2007 compared to last year:

May 2007     2786 houses sold
May 2006     4690 houses sold

This is a steep drop of almost 50%. The strange thing is that it was already slowing down in May 2006. We don’t see anyone talking about "flipping" houses anymore (or even buying and rehabbing them). The only ones really busy are the foreclosure attorneys.

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