Realtors: Real Estate Has Already Bottomed

Realtors: Real Estate Has Already Bottomed

 

According a real estate industry group, U.S. existing-home sales have likely hit bottom and should gradually rise this year, but sales should still fall short of last year's mark.

 

The National Association of Realtors said it expects sales of previously owned homes in 2007 to reach 6.44 million units, down slightly from last year's 6.48 million units. It forecast sales of 6.64 million in 2008.  

 

"After reaching what appears to be the bottom in the fourth quarter of 2006, we expect existing home sales to gradually rise all this year and well into 2008," NAR chief economist David Lereah said in a statement.  

 

While NAR said sales of existing homes looked set to rise, it looked for further weakness in new-home sales. It said sales of new homes would come in at 961,000 units this year and 971,000 in 2008, both below the 1.06 million sold last year. 

 

Get the full story here…

 

Then leave us your comment about the article. How do you feel about the real estate market today?