November 3, 2006

 

MARKET CONDITIONS

 

THE NATIONAL ASSOCIATION OF REALTORS

REPORTED THAT RESALE PRICES SLIPPED TO

$220,000 ON MEDIAN HOME SALES.    THIS SLIDE

IS 14.2% LOWER THAN A YEAR EARLIER.

 

NATIONAL HOUSING MARKET OUTLOOK

 

Fixed mortgage rates

6.3% to 6.4% for the rest of 2006

6.7% by the end of 2007

6.8% by the end of 2008

 

SALES OF EXISTING HOUSES

Down 9% for 2006 over 2005

Down 8% for 2007

 

SALES OF NEW HOUSES

Down 18% for 2006 over 2005

Down 8% for 2007

 

Appreciation of existing houses 2.5% for 2006

Source: Mortgage Bankers Assoc., Oct. 24 forecast