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<head><title>Experts Forecast 2007 U.S. Real Estate Market Trends</title>

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Experts Forecast 2007 U.S. Real Estate Market Trends by <a href=http://www.sandiegomortgageonline.com/dashboard/profile/Admin/2>Admin</a> Modest median price gains in new and existing homes, a stable 
interest rate on the 30-year fixed mortgage, decreased housing 
starts and a stable unemployment rate are some of the features 
of the 2007 housing forecast provided by major trade group 
economists as reported by The Inman News. 
 
NAR chief economist David Lereah expects new-home sales to fall 
from 1.07 million units sold in 2006 to 975,000 units in 2007, 
which is an 8.7% decline. He cites decreased new home 
construction as a large contributing factor to this change. The 
median new home price of $238,400 in 2006 is expected to 
increase by 1.3 percent to $241,400 in 2007. 
 
NAR also predicts that existing home sales figures for 2006 to 
end around 6.47 million units, which is an 8.6% decline from 
2005. The 2007 forecast for existing home sales is 6.43 million 
units. The median price of existing homes in 2006 was $223,700 
and is expected to increase 1.7% to $227,500 in 2007. 
 
Doug Duncan, chief economist for the Mortgage Bankers 
Association predicts the interest rates on 30-year fixed 
mortgages to stay around 6.5 percent, but mortgage originations 
to fall 14% to $2.1 trillion. 
 
While Lereah predicts that the unemployment rate to stay at 4.7 
percent, Duncan takes it higher and believes it may reach 5.2 
percent by midyear 2007. However, he concurs with Lereah in 
predicting modest home price gains in new and existing homes for 
the coming year. 
 
The housing forecast of The National Association of Home 
Builders (NAHB) is in line with NAR and the Mortgage Bankers 
Association. According to David Seiders, Chief Economist at 
NAHB, the year 2007 will see the housing market re-adjust itself 
once the housing demand stabilizes, leading to a healthy balance 
between supply and demand. 
 
Looking at the state level, the California Association of 
Realtors (CAR) projects that the median price of California 
homes will end 2006 around $560,700, and will decline in 2007 to 
$550,000 -- a 1.7% drop. The number of units sold in California 
will end 2006 around 481,200, and is projected to decrease 
447,500 in 2007. CAR predicts that the unemployment rate will 
stay around 5.1 percent, although interest rates on the 30-year 
fixed mortgage may hover around 6.7 percent in 2007. 
 
The overall housing forecast for 2007 made by these four major 
real estate trade groups is not at all bad. Home buyers and 
investors planning to go ahead with their real estate activities 
can fare better with the help of a good real estate agent.

<a href="http://www.sdhomedatabase.com">San Diego Homes</a> <a
href="http://www.scrippsranchrealestate.info">Scripps Ranch Real
Estate</a> <a href="http://www.tierrasantahome.com">Tierrasanta
Homes</a>

Article Source: <a href="http://www.sandiegomortgageonline.com/dashboard">www.sandiegomortgageonline.com</a>

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Text Version:

Experts Forecast 2007 U.S. Real Estate Market Trends by Admin

Modest median price gains in new and existing homes, a stable
interest rate on the 30-year fixed mortgage, decreased housing
starts and a stable unemployment rate are some of the features
of the 2007 housing forecast provided by major trade group
economists as reported by The Inman News.

NAR chief economist David Lereah expects new-home sales to fall
from 1.07 million units sold in 2006 to 975,000 units in 2007,
which is an 8.7% decline. He cites decreased new home
construction as a large contributing factor to this change. The
median new home price of $238,400 in 2006 is expected to
increase by 1.3 percent to $241,400 in 2007.

NAR also predicts that existing home sales figures for 2006 to
end around 6.47 million units, which is an 8.6% decline from
2005. The 2007 forecast for existing home sales is 6.43 million
units. The median price of existing homes in 2006 was $223,700
and is expected to increase 1.7% to $227,500 in 2007.

Doug Duncan, chief economist for the Mortgage Bankers
Association predicts the interest rates on 30-year fixed
mortgages to stay around 6.5 percent, but mortgage originations
to fall 14% to $2.1 trillion.

While Lereah predicts that the unemployment rate to stay at 4.7
percent, Duncan takes it higher and believes it may reach 5.2
percent by midyear 2007. However, he concurs with Lereah in
predicting modest home price gains in new and existing homes for
the coming year.

The housing forecast of The National Association of Home
Builders (NAHB) is in line with NAR and the Mortgage Bankers
Association. According to David Seiders, Chief Economist at
NAHB, the year 2007 will see the housing market re-adjust itself
once the housing demand stabilizes, leading to a healthy balance
between supply and demand.

Looking at the state level, the California Association of
Realtors (CAR) projects that the median price of California
homes will end 2006 around $560,700, and will decline in 2007 to
$550,000 -- a 1.7% drop. The number of units sold in California
will end 2006 around 481,200, and is projected to decrease
447,500 in 2007. CAR predicts that the unemployment rate will
stay around 5.1 percent, although interest rates on the 30-year
fixed mortgage may hover around 6.7 percent in 2007.

The overall housing forecast for 2007 made by these four major
real estate trade groups is not at all bad. Home buyers and
investors planning to go ahead with their real estate activities
can fare better with the help of a good real estate agent.

San Diego Homes Scripps Ranch Real
Estate Tierrasanta
Homes

Article Source: http://www.sandiegomortgageonline.com/dashboard

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