The National Association of Realtors is forecasting the construction of 1.44 million new homes in 2008, down from the 1.8 million built in 2006.
The association expects existing home sales to hit 6.37 million in 2008, down from 6.48 million in 2006.
The projection for new homes sales in 2008 is 878,000 for 2008, down from just over 1 million in 2006.
The association released its projections today in an announcement that said home prices are expected to recover in 2008 as inventories decline.
