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Strategies & Market Trends : Waiting for the big Kahuna

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To: Real Man who wrote (78131)	12/10/2007 10:24:39 AM
From: Qualified Opinion	Read Replies (1) of 94695

Real Estate Group Lifts Market Outlook Monday December 10, 10:21 am ET By Alan Zibel, AP Business Writer Real Estate Trade Group Lifts Outlook for 2008 Home Sales, Insists Housing Is Stabilizing WASHINGTON (AP) -- A trade group for real estate agents gave a slightly sunnier outlook for 2007 and 2008 home sales Monday, arguing that the battered real estate market is on the verge of stablilizing. The revised monthly forecast from the National Association of Realtors, which followed nine straight months of downward revisions, calls for U.S. existing home sales to fall 12.5 percent this year to 5.67 million, down from 6.48 million last year and the lowest level since 2002. Last month, the association predicted 5.66 million existing homes would be sold this year. The Realtors' group also forecast sales will rise slightly in 2008 to 5.7 million, up from last month's prediction of 5.69 million. The Realtors group said the median price for U.S. existing homes -- the point at which half sold for more and half for less -- will sink by 1.9 percent to $217,600 this year and rise 0.3 percent next year to $218,300. Link: biz.yahoo.com

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