The National Association of Realtors said it expects the housing market’s doldrums to last into next year.
In a report issued Tuesday, the NAR said it had once again cut its home sales forecast. The NAR blamed a tight credit market for measurably dampening home sales for the near future and into 2008, and predicted a continuing downward slide in home prices.
Existing home sales are projected for 5.92 million for this year and for 6.27 million in 2008, compared to 6.48 million in 2006. New home sales should total 801,000 in 2007 and 741,000 next year. The association said more than 1 million new homes were sold in 2006.
