National Association of Realtors says market on verge of stabilizing
Following nine consecutive months of downward revisions, the National Association of Realtors announced Monday that its newest monthly forecast is indeed a positive one, though several other groups are more pessimistic regarding the real estate market’s near future.
Forecast sales in 2008 are expected at approximately 5.7 million homes, following the 2007 year, when home sales fell to their lowest level since 2002, the first year in the post-9/11 era.
The forecast for pending sales for existing homes rose .6% from September, a small but important step in reversing the poor fortunes that have befallen the troubled housing economy in recent years. The median home sale price is also expected to increase just slightly in 2008, at a promising rate of .3%.
Job growth and improving mortgage availability are cited as two of the main reasons for the rosy predictions, though the presence of a recession would likely quash those high hopes.
In either case, this optimistic forecast should be noted as the market continues to turn around from its recent woes.
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