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Conditions in the mortgage market are improving for consumers, which should help release pent-up demand in early 2008, according to the NAR's latest forecast. Conforming loans are abundantly available at historically favorable mortgage rates. Pricing has steadily improved on jumbo mortgages since the August credit crunch, and FHA loans are replacing subprime mortgages. NAR Vice President of Research, Dr. Lawrence Yun noted that 2007 will be the fifth highest year on record for existing-home sales. One out of 16 American households is buying a home this year. Yun said markets like Austin, Salt Lake City and Raleigh are performing well. Look for Denver and Wichita to join the pack of strong performers.
View forecast table>
Read Yun's Latest Forecast
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A desire to own a home of their own and to establish a household is the most often sited reason for purchasing a home, according to preliminary results from NAR’s Profile of Home Buyers and Sellers. Thirty-three percent of all buyers, and a whopping 70 percent of first-time buyers, express this as their prime motivator in the 2007 report, scheduled for release in November. A job-related move, desire for a larger home, a change in family situation, desire for a home in a better area and a desire to be closer to family and friends are also high on the list of reasons for purchasing a home. Interestingly enough, taking advantage of perfect market conditions was not mentioned -- not this year, last year or...well... ever!
Read about last year's survey and watch for the new one>
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The median size of homes purchased this year has grown to 1,840 square feet, up from 1,730 in 2004, according to NAR's 2007 Profile of Buyers' Home Feature Preferences. Despite the increased size, the median number of bedrooms has dropped -- buyers are taking the added space in living rooms, kitchens, and family rooms. At the same time, the age of homes purchased has dropped from 15 to 12 years old. This profile is full of information about what buyers want and how much they will pay to get it. Read more>
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Channel your market expertise into something bigger than yourself. Participate in the REALTORS® Confidence Index – a new market tool that gets better as more REALTORS® chime in. Be a part of it to help give an accurate indication of market expectations. It's easy. We'll send you an e-mail once a month with five brief questions about your market expectations. We'll also send you the results of the latest survey. And, just to sweeten the deal a bit, each time you participate in the monthly survey you'll be entered in a drawing to win a $50 American Express Gift Cheque. It could be the easiest money you’ll make all year – and for a good cause, too! Read more>
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See the NAR's latest forecasts, commentaries and market analyses at the Real Estate Insights Web page. Find out what's ahead for the subprime mortgage market, the hot spots and cool spots for home prices, and predictions for an expected housing recovery. Save yourself the trouble of checking back each month, and sign up to receive the Real Estate Insights newsletter in your e-mail box. It's free. Read more>
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Most commercial real estate markets are enjoying relatively low vacancy rates and healthy rent growth, according to NAR’s latest Commercial Real Estate Outlook. Commercial real estate responds to economic growth and job creation, which have been fairly strong over the past two years and have created the need for additional commercial space. These fundamentals will continue to support commercial real estate markets in 2008. A record $257.0 billion was invested in commercial real estate in the first seven months of 2007, up from $146.7 billion in same period in 2006. However, there are concerns that investment purchases will decline modestly for the remainder of the year due to credit tightening. Read more>
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Well, they're not really dueling, but they are plenty interesting. Come to the Economic Issues and Residential Real Estate Business Trends Forum
on Tuesday, Nov. 13, 9am - 11am. Dr. Lawrence Yun, NAR’s vice president of research, will kick off this popular forum with a review of the state of the housing market and the factors that will drive the market over the next 18 months. No stranger to the housing market or NAR Research, Dr. John Tuccillo, former NAR chief economist, will follow with a look at trends in the residential market. He’ll look beyond the numbers and take a holistic view of who’s buying, who’s selling and why.
Add it to your conference schedule>
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How will the subprime fallout impact commercial real estate financing? What are commercial vacancy rates going to do in the year ahead? Where are the strongest job markets and how will that impact commercial construction? Get it all and more at the Economic Issues and Commercial Real Estate Business Trends Forum, Tuesday, Nov. 13, 1pm – 3pm. Dr. Lawrence Yun, NAR’s vice president of research, will lead off the program with a commercial overview and forecast and then he will headline a panel discussion with Dr. John Tuccillo, former NAR chief economist; Ken Riggs, president of Real Estate Research Corporation; and Stan Mullin, 2007 president of the Society of Industrial and Office REALTORS®.
Add it to your conference schedule>
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Report compiled by NAR's Research Division.
Questions about this report? Contact Research at lGiovaniello@realtors.org. |
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