Welcome to the Seller's Market

A reliable oracle, Realtor, the National Association of Realtors magazine, has spoken: sales of first and second homes are slowing.

"With interest rates on the rise, analysts and real estate professionals expect the record number of homes now on the selling block to spend more time on the market," it reported online. Realtor quotes Merrill Lynch as saying backlog of unsold homes is at a nine-year high. ML economist calls 2006 a "softer pricing environment and a reversion to a buyer's market from a seller's market.' "