WASHINGTON, January 08, 2008 – Over the next few months, existing-home sales are expected to hold fairly steady as indicated by pending sales activity, then rise later in the year and continue to improve in 2009, according to the latest forecast by the National Association of Realtors®. Lawrence Yun, NAR chief economist, said there is a pull and tug exerting itself on the market. “On the one hand, we have a pent-up demand from the four million jobs added to our economy over the past two years of sales decline,” he said. “On the other, consumers continue to wait for additional signs of market stabilization.
There are more people with financial capacity now than in 2005, but many are trying to market-time their purchase. As a result, the exact timing and the strength of a home sales recovery is a bit uncertain. A meaningful recovery in existing-home sales could occur as early as this spring, or it may be further delayed toward late 2008.”
The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in November, fell 2.6 percent to a reading of 87.6 from a strong upward revision of 89.9 in October, but remains above the August and September readings and indicates a broad stabilization. The index was 19.2 percent below the November 2006 level of 108.4. “Although there could be some minor slippage in the first quarter, existing-home sales should hold in a narrow range before trending up,” Yun said. [tags]National Association of Realtors, NRA, real estate market, housing market[/tags] San Diego real estate agents
If things do get really tough (depression like) it will be interesting to see how the generation (X’ers) handle it. I hope that our economic situation doesn’t deteriorate that much but, in hind sight we are probably due for a reshuffling of the status quo…All this said, in a way I think tough times might be good for our nation, free market capitalism has been of limited success, in which the already prosperous for the most part have managed to increase that prosperity disproportionately in relation to the rest of our society. And the current wealth gap is clearly indicative proof of this. Hopefully, no matter what the course and consequences of our current economic situation our country and society will be made better by the challenges presented by it..
Ruben
San Diego County Tourism
 It is in fact socialist nonsense such as everyone should own a home that caused the current problems that we have now. What you dont understand is that socialist agendas are created by both leftist groups and right extreme idiots. regardless socialism is socialism and causes financial distress at the end. Why is it that these people just dont understand? the obama and clinton health care for all bullsh-t. freddie mac /fannie mae created a socialist vacuum that transferred risk from banks to tax payers and 401k holders. it is socialist removal of risk that causes bubbles in the first place. people need to know and understand that when they take a risk that they can loose. and that is that. u buy a house — then u got to make payments for 30 years. u miss a payment u loose ur house and ur credit. therefore, that loan amount should be very in line with what you can afford. this is not rocket science. the banks are socialist, the gov are socialist, u r a socialist, and anyone who tries to remove risk from the equasion of reward is socalist too.
kelly
San Diego County Real Estate Agents