Okay, so one more post in 2007. I couldn’t possibly let Lawrence Yun’s final proclamation of 2007 go without mention:
Existing-home sales rose slightly in November, indicating a stabilization in housing in the wake of mortgage disruptions earlier this year, according to the National Assn. of REALTORS®.
Total existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 0.4% to a seasonally adjusted annual rate (1) of 5.00 million units in November from an upwardly revised pace of 4.98 million in October, but are 20.0% below the 6.25 million-unit level in November 2006.
Lawrence Yun, NAR chief economist, said the market appears to be stabilizing. “Near term, existing-home sales should continue to hover in a narrow range, just as they have since September, and that’s good news because it’ll be a further sign that the housing market is stabilizing,” he said. “Mortgage interest rates are near historic lows and the most current data shows decelerating price declines, along with a modest reduction in the number of homes on the market.” Disruptions in mortgage availability and pricing peaked in August, which caused sales to slow in subsequent months.
Thanks for all the laughs in 2007, Larry. I only wish my dues weren’t going to pay your salary but that’s out of my control.
[tags]real estate market, Phoenix real estate, Lawrence Yun[/tags]