Home sales, prices to slip further in 2007: NAR
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Home sales and prices will fall at a faster pace in 2007 than originally expected, a leading U.S. real estate trade association said on Wednesday.
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US home sales and price declines in 2007 are going to be steeper than earlier forecast, contributing to slower economic growth, the National Association of Realtors said.
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The bigger-than-expected decline in existing home sales came amid continuing turmoil in mortgage markets.
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The unexpectedly weak report suggested that home prices would fall further next year as the housing market struggles to break out of its deepest slump since the early 1990s.
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WASHINGTON -- Pending U.S. home sales dipped in November, a trade group for real estate agents said Tuesday, but it expects the sales pace to pick up significantly in the second half of 2008.
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Home prices continued their plunge during the last three months of 2007, setting a real estate trade group's record for the biggest-ever quarterly drop.
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The pace of existing home sales edged up in November to a 5 million-unit annual rate and the median price fell from a year earlier, the National Association of Realtors said on Monday.
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Home prices declined a record 6.7 percent in October compared with a year ago, according to a price index.
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The prolonged slump in housing pushed new home construction in 2007 down by the largest amount in 27 years with the expectation that the downturn has further to go.
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Sales of new homes plunged in August and prices posted their biggest year-on-year drop in nearly 37 years, the Commerce Department reported on Thursday, underlining the depth of problems facing the U.S. housing sector.
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U.S. home sales will be a good deal  weaker this year than earlier thought as potential buyers  remain on the sidelines waiting for better deals, a national  real estate group said on Thursday.
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New single-family home sales fell  4.7 percent in December to its lowest rate in nearly 13 years  while the median sales price dropped sharply and the inventory  of unsold homes climbed, according to a government report on  Monday that delivered more grim news for the battered housing  sector.
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Investor's Business Daily - The National Assoc. of Realtors cut its &#39;07 outlook for the fourth consecutive month. Home resales will fall to 6.18 mil from last month&#39;s forecast of 6.29 mil and well below the initial 6.42 mil forecast. The median existing-home sales price will fall 1.3%, more than the previously forecast 1% slide. The median new-home price will fall 2.3% to $240,800, reversing the Jan. forecast for a 2% gain, NAR said.
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Pending sales of existing U.S. homes  slipped in November but were much stronger than previously  thought in October, according to a report on Tuesday that  offered mixed news on the battered U.S. housing sector.
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Next year will likely bring a second  annual decline in existing home sales, the National Association  of Realtors predicted on Monday.
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Existing home sales will fall further and prices will drop more sharply in 2007 than earlier expected, a leading real estate trade association predicted on Tuesday.
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U.S. home sales should drop more  than 7 percent in 2005 but still post the second-strongest year  on record thanks to low mortgage rates and a pickup in jobs,  Fannie Mae economists said on Friday.