Existing home sales could hit 5-year low
Thursday, March 25th, 2010
The realtors forecast for 2008 sees a worsening scenario. This is for the sales of existing homes in the U.S. They are foressen to decline to a five-year low in 2007.
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, it was predicted a 10.8% drp cmpared to that month a year ago.
It is expected that sales in 2007 would be the lowest since 2002. At that time sales hit 5.63 million. On a better light, the realtor’s group predicted that sales will rise slightly next year to 5.69 million. This is however down from the prediction of 6.12 million last month.