NAR NEWS

Published: March 14, 2007

<table width="507"><tbody><tr><td class="sectionheader"></td></tr><!– Itemheader –><tr><td class="itemheader"><span style="FONT-WEIGHT: 900; FONT-SIZE: 14px; MARGIN-BOTTOM: 3px; PADDING-BOTTOM: 3px; COLOR: #003399; PADDING-TOP: 3px; FONT-FAMILY: Arial, Helvetica, sans-serif"><br /><b>Housing Recovery Likely this Year; Timing Unclear </b></span></td></tr><!– Story –><tr><td class="blacktext" width="500">Unusual weather patterns and problems in the subprime lending market are creating challenges in assessing housing market conditions, but a recovery is likely this year, NAR forecasts. &quot;Our goal each month is to fine-tune the forecast based on the latest housing data and a variety of economic indicators, but extraordinary weather variations are skewing home sales and clouding the picture,&quot; says NAR Chief Economist David Lereah. &quot;Underlying trends point to a housing recovery in 2007, but it will take a couple of months for us to get a better handle on it. Existing-home sales are expected to slowly improve from what appears to be the cyclical low last fall, but we think there will be some additional pain in the new-home market, which hopefully will start to rise later in the year.&quot; Existing-home sales are projected at 6.42 million this year and 6.66 million in 2008, compared with 6.48 million last year. For more info, <a title="blocked::http://go-to.realtor.org/h/VLRM6/PFIOQ/SN/K2F81" href="http://go-to.realtor.org/h/VLRM6/PFIOQ/SN/K2F81">click here.</a> </td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"><span style="FONT-WEIGHT: 900; FONT-SIZE: 14px; MARGIN-BOTTOM: 3px; PADDING-BOTTOM: 3px; COLOR: #003399; PADDING-TOP: 3px; FONT-FAMILY: Arial, Helvetica, sans-serif"><br /><b>NAR Supports Independent Regulator for Fannie, Freddie </b></span></td></tr><!– Story –><tr><td class="blacktext" width="500">NAR has testified that creating a strong regulatory structure that preserves the housing mission of the government-sponsored secondary mortgage market makers, Fannie Mae and Freddie Mac, will strengthen the housing finance system and it emphasized the important role housing plays in the nation's economy. &quot;We have opposed, and will continue to oppose, legislative proposals that could reach beyond safety and soundness regulation and diminish the housing mission of the government-sponsored enterprises,&quot; testified Thomas M. Stevens, immediate past president of NAR. In addition to creating a strong regulator, NAR encouraged Congress to maintain the focus on the GSEs' important housing mission, provide a streamlined new program approval process, oppose statutory limits on GSEs' portfolio size, and authorize regional adjustments to conforming loan limits for high-cost areas. For more info, <a title="blocked::http://go-to.realtor.org/h/8Z6SC/PFIOQ/SN/K2F81" href="http://go-to.realtor.org/h/8Z6SC/PFIOQ/SN/K2F81">click here.</a> </td></tr></tbody></table>


Last modified: March 14, 2007 at 7:34 am | Originally published: March 14, 2007 at 7:34 am
Printed: September 25, 2020