Realtors Lower Housing Forecasts for 2007, 2008

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By Rex Nutting

RISMEDIA, June 7, 2007-(MarketWatch)-Once again, the National Association of Realtors? has lowered its forecasts for key housing indicators for this year and next. Sales of existing homes are now expected to fall 4.6% to a seasonally adjusted annual rate of 6.18 million.

A month ago, the real estate trade group was expecting sales to fall 2.9%. Sales of new homes are expected to fall 18.2% to 860,000 and housing starts are expected to fall 20.4% to 1.43 million.

For 2008, sales of existing homes are expected to rise 3.7%, sales of new homes should rise 4.8% and starts should rise 3.6%. NAR senior economist Lawrence Yun said sales would “gradually trend upward with improving activity by the end of the year.”

The Realtors update their forecast each month.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

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