According to a trade group for real estate agents, 2007 is forecasted to be the lowest in sales of existing homes in the U.S in five years. The monthly forecast from the National Association of Realtors calls for existing home sales to fall 12.7 percent this year to 5.66 million, down from 6.48 million last year.
The outlook for 2008 is worsening but the trade group's chief economist, Lawrence Yun, said the housing market is likely to experience a "modest" recovery next year as the mortgage markets stabilize. "It is possible for even higher home sales activity than we're forecasting if buyers regain their confidence," he said in a prepared statement.
-- L. Morse
Labels: Home Sales, housing network, mortgage markets
