Posted on 11/13/2007 12:58:15 PM PST by Hydroshock
WASHINGTON (AP) -- Sales of existing homes in the U.S. are forecast to decline to a five-year low in 2007, a trade group for real estate agents said Tuesday - and the outlook for 2008 is worsening.
The ninth-straight downwardly revised monthly forecast from the National Association of Realtors calls for U.S. existing home sales to fall 12.7 percent this year to 5.66 million, down from 6.48 million last year.
Last month, the association predicted a 10.8 percent drop from a year ago.
This year's sales would be the lowest since 2002, when sales hit 5.63 million. The realtors group forecasts sales will rise slightly next year to 5.69 million, but that is down from last month's prediction of 6.12 million.
The trade group's chief economist, Lawrence Yun, said the housing market is likely to experience a "modest" recovery next year as 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.
(Excerpt) Read more at money.cnn.com ...
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If the house is 350 offer them 250. The bank will take it.
I just bought a 4044 sq ft house for 250 in Phoenix.
My stepmom is a realtor and she’s been cleaning up for the past few months (and has four more sales closing in the next 2 weeks.)
This is in central NH.
Come on! Get in line! What are you trying to do, here? Your story will not play well during a Bush administration.
Now, please go on and mind your own business. We have people to scare, doncha know.
Correct me if I’m wrong, but isn’t that STILL higher than the peak of the Clinton years?
Well, I'd like to sell my house, but I think I'll wait until it's more of a sellers market. From what I see in my neighborhood, we are in the arc of the cycle of the buyers calling all the shots.
Geezzzz. I’d trust the words of the Chief Economist of the NAR over almost ANY government employee or polling group. The NAR is a good association and it’s members do good work.
I guess you have known some real estate sales people who were sub-par. So have I. I also know a few great ones and they save their clients time, effort and money.
Please do yourself a favor and refrain from demeaning an entire group (40,000+ at this convention alone) so haphazardly.
By the way, I am NOT a real estate agent.
Oops, sorry...I forgot :’(
I love this place.
90% of the sales droids I have ever met have given the other 10% a bad name. I will never trust anyone who makes money off me spending it, and more so if they make more if I spend more.
What I’m am actually seeing and hearing, is most everyone in America that were not forced to sell, are now taking their homes off the market.
3 in my immediate area alone in the past 2 months. Was told they just did not re-list, and will wait for better times in the future. Was told this is a big trend right now.
Can’t say I blame them.
:)
This housing “crisis” is in its’ normal cycle...about every eight years...
And Seattle is just now starting to see the prices drop. Of course, it can be a long ways down from an apex.
The time on market in the Seattle area is really increasing and the statistics are finally reflecting what anyone with two eyes and paying attention already knew. Meanwhile, ONE agents listings sell pretty fast. It is becuase she is good at either finding or creating sellers that are offering their homes at prices that reflect the current market.
The NAR has been terrible in this mess. The t-bone remark really is a good analogy. I have lots of friends and acquaintences that are real estate agents. The NAR may do good work just like the hound may be good at whatever he does - just don’t be surprised if he thinks it’s always a good time to feed him a steak.
The answer is predictable - and completely useless.
So you're saying it's pretty much like everyday in the life of a real estate agent? Good to know...
>>Please do yourself a favor and refrain from demeaning an entire group (40,000+ at this convention alone) so haphazardly<<
I thought his remark was regarding the NAR.
Do you think that when we disrespect the Teachers Union we are disrespecting teachers?
>>This housing “crisis” is in its’ normal cycle...about every eight years...<<
Except this is really a credit crisis.
It is a excellent time to buy.
As I tell people, there won’t be an email sent out saying, “the bottom is in, buy this week”.
Builders are having to move some inventory, but that is a limited amount of homes. We are seeing a lot of activity, people with good credit and asset positions are buying homes right because they see the value.
Will prices go lower? No one really knows, the overall state of the economy will be a big factor.
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