www.AlphonseQ.com
The "Q" Report
In a forecast released today, the National Association of Realtors lowered its expectations for existing-home sales to 5.02 million in 2008 and new-home sales to 487,000 as unemployment concerns grow.
These figures are down from expectations one month ago of 5.04 million resale homes and 503,000 new-home sales in 2008. NAR expects existing-home sales to rise to 5.32 million next year and 5.62 million in 2010, while it sees sales of new homes falling to 413,000 next year and growing to 520,000 in 2010.
Housing starts, including multifamily units, will probably total 936,000 units in 2008 and 781,000 next year, then increase to 886,000 in 2010, according to NAR -- its forecast released last month predicted 973,000 starts in '08 and 843,000 in '09.
Until the housing market in the US stabilizes all US markets will continue to experience volitility, and the recession will roll on.
Alphonse Quenneville