Declines in the housing market are expected to continue into 2007, says the National Association of Realtors.(THE NUMBERS)
American Drycleaner, January, 2007 by O'Rourke, Shelly
DECLINES IN THE HOUSING market are expected to continue into 2007, says the National Association of Realtors. Existing-home sales are expected to have dropped 8.6% by the time 2006 numbers are finalized, and another 1% decline is expected this year. Sales of new homes are expected to log a 17.7% decrease for 2006 and drop an additional 9.4% this year. What's more, housing values appreciated at a 12% rate during the last three months of 2005, while price appreciation slowed to 3.5% in third-quarter 2006.
Foreclosures are on the rise, leading Treasury Secretary Henry Paulson to call for lending institutions to issue guidelines to get people into homes "without taking unnecessary risks." "Expanding opportunities for more people to buy a home is a good thing,"...
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