Existing Home Sales Falling in 2007
Existing Home Sales Falling in 2007
According to the National Association of Realtors, next year will likely bring a second annual decline in existing home sales.
Sales of existing homes are expected to decline 8.6 percent to 6.47 million for 2006 and contract another 1 percent to 6.40 million units next year. Still, the housing sector should see a rebound by the end of next year, said David Lereah, the association's chief economist.
"By the fourth quarter of 2007, existing-home sales will be 4.6 percent higher than the current quarter," Lereah said. Sales of new homes should fall a sharp 17.7 percent this year and another 9.4 percent next year, the Realtors said.
Home Trends We Never Saw Coming
Home Trends We Never Saw Coming
Some of the latest trends in homebuilding and remodeling were not too hard to spot. Is anyone surprised that Americans, already living in monster homes, want even bigger ones?
But there were some developments we never saw coming.
After conducting a survey, questioning 923 real estate agents, brokers and industry executives, Mark Nash, an author has gleaned the newest home developments, widely popular among homebuyers nowadays, for example: Upscale garages Who knew that those smelly, greasy spaces overstuffed with junk and empty boxes would morph into showplaces for Home Improvement types? "Today's owners want [garages] decked out with cabinet and storage systems, matching refrigerators, air conditioning and residential looking flooring," says Nash.
Read more about other hottest home trends nowadays…
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Buying Your First Home
Buying Your First Home
Here's a startling fact: Young Americans are the fastest-growing group of homeowners.
Nearly 26% of people under 25 own their homes, up from just under 20% in 1982. In the 25-to-29 age group, nearly 41% are homeowners, up from 39%.
Yet the median home price has more than tripled in the past 24 years. That's made buying a home increasingly hard for young adults who are still renting or living with their parents.
Throughout much of the country, though, the 7.4-month supply of homes on the market is giving buyers more bargaining power than they've seen in six years. Mortgage rates, declining again, are the lowest since January. Several state and local governments have stepped in to try to help working-class people, especially nurses, teachers and emergency service personnel, afford homes in the most expensive areas of the country.
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