The NAR Is Predicting A 6.8 Percent...

Industry cuts forecast for home sales, from MSNBC, reports that the National Association of Realtors lowered its forecast for U.S. home sales this year and called on the Federal Reserve to stop raising interest rates because parts of the housing market are "vulnerable". Experiencing a slowing from a hot market is a good thing because we need a solid housing sector to provide an underlying base to the economy, and slower appreciation will help to preserve long-term affordability," said David Lereah, the groups chief economist. The NAR is predicting a 6.8 percent decrease in existing home sales for 2006, and a 6.2 percent decrease in new home starts. The article points out that while the housing market is expected to keep fading from its record levels, 2006 is still expected by many economists to be the third best year for housing ever.



http://www.msnbc.msn.com/id/13170491/