Deale Sales

Chicago Tribune (11/14/07) Umberger, Mary

Addressing convention-goers in Las Vegas, National Association of Realtors chief economist Lawrence Yun suggested that the housing industry has hit rock bottom but predicted that the sector would begin to recover sooner than many forecasters project--as early as next year.  U.S. home prices are on track to experience the first annual decline since the Great Depression, acknowledged Yun, who also said he expects an estimated 2-percent drop in home sales in 2007.  However, the economist cited overall economic stability, a gradual return to stability in the morgtage markets and buyer impatience to work together to boost sales at some point in 2008--although he stopped short of forecasting a boom.  According to Yun, home resale volume will land at 5.67 million units this year and rise to 5.69 million in 2008, barring any unexpected "psychological factor" that could lower consumer confidence.

The above article is reflected in the local Deale area market, which is currently undergoing an early Spring revival with interest driven by the gradual return to more normal pricing.