Real Estate Rebound Expected in 2007
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Doug Duncan, chief economist for the Mortgage Bankers Association, expects the 30-year mortgage rate to hover around 6.5 percent for the remainder of the year, but climb to 6.8 percent by the end of 2008.
Duncan is “optimistic about a rebound” in the housing market next year, citing still-low long-term interest rates, robust capital expenditures, and rising equity prices, among other factors.
Meanwhile, the NATIONAL ASSOCIATION OF REALTORS® expects existing-home sales to slip to just above 6.4 million in 2007 from an estimated 6.47 million this year. But a pullback in construction will spark an 8.7-percent decline in new-home sales to 975,000 from 1.07 million over the same time span.
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