October 18, 2006

Home Sales Weaker In 2006

Home Sales Weaker In 2006

As reported by a realtors group, U.S. home sales for the year will be weaker and price appreciation will be smaller than previously forecast.

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In its monthly economic outlook, the National Association of Realtors lowered expectations for the two key housing indicators but said strong economic fundamentals signal that the market will stabilize.

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"Given a positive economic backdrop of lower interest rates and job creation, we expect sales activity to pick up early next year," said David Lereah, NAR's chief economist.

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For this year, though, the group expects the housing market to end weaker than they had previously predicted.

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