Experts Forecast 2007 U.S. Real Estate Market Trends

27Aug/0911

Experts Forecast 2007 U.S. Real Estate Market Trends

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.

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Real estate marketing to people leasing apartments?
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Thanks

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Comments (11) Trackbacks (0) ( subscribe to comments on this post )

russellbush86
August 27th, 2009 - 17:43

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HealthyStealthy
August 27th, 2009 - 18:08

You can price on a project basis or hourly basis

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remarketer1
August 27th, 2009 - 18:54

hi ,how about " RELAND" RE" represent to "REAL ESTATE" ALSO REPRESENT "RE-USE" THE LAND.
toboko
August 27th, 2009 - 19:27

I am not enrolled in the Nouveau Riche program, but I have attended one of their general information meetings. I think it is a waste of money. I don't know which State you are from, but here in California there are many investor organizations that you can belong to for free. The one I like best is the Marshall Reddick Organization. They teach you everything you need to know about real estate investing. Here is the website http://marshallreddickseminars.com/mrweb/mrren/home.aspx

Before you spend that kind of money, see what else is available in your area. Then you will have something to compare with Nouveau Riche.

Good luck.
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August 29th, 2009 - 05:36

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ERLING
August 29th, 2009 - 10:40

Try http://www.RealEstateSticker.com
Gaurav
August 29th, 2009 - 14:15

Marketing jobs in real estate offices could be any of these:

1). Cold calling
2). CRM (Client Retention Management) mailing postcards, emailing newsletters to repeat sellers & buyers that are in a database
3). Designing home flyers, postcards
abby
August 30th, 2009 - 03:08

You can find everything that you need with Adobe CS3. If you learn Photo shop and In design you will have all the tools that you need to create documents for real estate. It is pretty easy there are tutorials and what not. Way more advanced than what Microsoft has to offer if you ask me. Just as far as the control that you have and the integration to multiple publishing platforms (print or web).
mohmd_fawzi
August 30th, 2009 - 17:24

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Good luck
Sherwin
August 30th, 2009 - 20:21

http://activerain.com
Nablus
August 30th, 2009 - 20:49

I'd go get "Marketing for Dummies" book. That may be the easiest way to do a text book plan.

The Real Estate Professional