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ries [of available properties],” said Snead.
“Last year, people would buy something just to make sure they had their foot in the door,” explained Chandler.
Snead believes that the strong competition between real estate consumers was exacerbated by news coverage about the “real estate bubble,” debating when it would end and what the consequences of the artificially raised prices might be.
“I blame it on the media,” said Snead.
Many properties were sold with multiple contracts or bidders competing for the sale, an uncommon occurrence before that time. All of this completion combined with the limited supply of available property to drive prices upwards, which in turn has led to the slowdown. Most prospective home buyers have to rely on the sale of a current home in order to be able to afford the purchase of a new one. With prices artificially inflated by the “bubble,” these consumers are having trouble selling their old homes, which slows sales down.
“Ninety percent of people have to sell a house to buy a house. It’s a Catch-22,” said Snead.
Sales are further slowed by a series of interest rate hikes that have come down from the federal government in the last year. The rate hikes make it more difficult for prospective homeowners to qualify for loans, further decreasing the market
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