Climate: 2006 was the year of the stalemate. Homes sales came to an abrupt stop and then began declining. By July, condominium and single-family home sales declined nearly 20 percent to 1,126 from year ago figures. Condominium developers came under fire from local community groups and worries began to surface that the market was oversaturated. Home prices continued to climb, albeit modestly.
Biggest News: Noho Commons, a mixed use development that includes about 300 loft apartment rentals units, opened for business.
Companies in the News: The Ryland Group Inc., Calabasas, after three years of sharp income increases, saw revenues flatten and earnings decline.
http://www.thefreelibrary.com/Residential+real+estate.-a0159592154
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