New home sales to drop almost 15% in 2007
The National Association of Realtors projects that new home sales will drop from 1.05 million properties in 2006 to 860,000 homes in 2007. Buyers have shied away from home buyer due to the fluctuating stock market. Finally, the opportunities to take advantage of lower rates that the country saw 2-3 years ago aren’t there. You can read the related story by clicking here.
It’s obvious the mood of the nation is less aggressive about buying houses but perhaps it’s just a well-needed adjustment. The big question is if this is a one-year adjustment or we’re looking at 3-5 years of slow growth.
