Forecast for Existing Home Sales in the US Worse Than First Estimated
The National Association of Realtors has revised its forecast on existing home sales in a news release today. Now they predict a fall of 11 percent this year, a five-year low.
New-home sales are also predicted to drop to the lowest level in a decade and may decline 24 percent to 804,000.
The forecasts indicate the housing decline is worsening and the market isn't recovering. Existing home sales may drop to 5.78 million in 2007 from 6.48 million last year and prices for both new and existing homes are also forecast to fall, the NAR said.
Read more on this story in the Real Estate and Housing News Section
What's a real estate investor to do?
Target Discounted Property – pre-foreclosures, short sales, fixer-uppers. Buy below current market values – which is relative in a declining market so be cautious. Need a mentor to learn how to invest in these properties? Check out the Real Estate Investing Guides section.
Target Bargainville Real Estate Markets – Put your money in Bargainvilles like the ones I mention in my posts and revealed in the Real Estate and Housing News Section.
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