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.

Technorati Tags: money, finance, real estate, real estate investing,  housing market, housing trends, real estate trends,  mortgage lending

Related posts:

1. National Existing Homes Sales Forecast Predicts Another Drop Real Estate Investing and Housing Trends For the seventh straight month, the National Association of Realtors lowered its forecast earlier this week for 2007 existing home sales, expecting a...
2. Foreclosures, Short Sales and Probate Property Continue To Be Better Buys As Soft Housing Market Hurts Home Builder, D. R. Horton and Home Depot Real Estate Market Trends D. R. Horton Sales Plunge No. 2 US Homebuilder - D. R. Horton - said today that new home orders plunged to 8,559 units -...
3. Mortgage Lender, Thornburg, Takes a Greater Loss Than Estimated Real Estate Investing and Housing Trends  Thornburg Mortgage Inc., based in Santa Fe, New Mexico, lost 27 percent more than it had expected selling off adjustable-rate mortgages since August,...
4. Discount Properties Like Foreclosures and Fixers Are Better Buys as US Housing Sales Data Reveals Soft Sales Real estate housing market update The pace of used home sales in March was the slowest since June of 2003, and the drop was the largest since January 1989....
5. Buying pre foreclosure homes could be the ideal investment as new home sales continue to fall Real estate housing market update New Home Sales Continue To Fall US NEW HOME SALES DATA just released today reveals sales of new single family homes fell further by...

Related posts brought to you by Yet Another Related Posts Plugin.