Below is a portion of a recent posting on the National Association of Realtors website. According to the NAR, homes sales for 2008 will increase slightly as the mortgage crunch slows.


WASHINGTON, December 10, 2007 - Existing-home sales are projected to trend up in 2008, with pending home sales showing a slight near-term rise, according to the latest forecast by the National Association of Realtors®.  However, a recovery for new-home sales is unlikely before 2009.

 

Lawrence Yun, NAR chief economist, said the worst part of the credit crunch has already worked its way through the data.  “The unusual mortgage disruptions that peaked in August were clearly seen in lower home sales that were finalized in September and October, so the market was underperforming,” he said.  “Now that mortgage conditions have improved, some postponed activity should turn up in existing-home sales over the next couple of months, and I expect sales at fairly stable to slightly higher levels.”

Click here to read the entire article!

Brought to you by Randy Charlton of Century 21 Home Realtors.