Information on Home Buying & Selling, and state of the real estate market in Salem and the entire north shore of Massachusetts including Beverly, Peabody, Lynn, Danvers, Middleton, Ipswich, Hamilton, Wenham, Essex, Rowley, Manchester-by-the-Sea, Newburyport, Plum Island, Amesbury, Groveland, Georgetown, Haverhill, Merrimac, Andover, Etc.
Monday, December 10, 2007
Trade group lifts outlook for 2008 home sales, insists US housing market is stabilizing
WASHINGTON (AP) -- Bucking conventional wisdom, a trade group for real-estate agents on Monday said the battered housing market is on the verge of stabilizing and inched-up its outlook for 2007 and 2008 home sales.
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 -- the lowest level since 2002. Last month, the association predicted 5.66 million existing homes would be sold this year, down from 6.48 million last 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.