Welcome to WebProNews Breaking eBusiness and Search News
Advertise | Newsletter | Sitemap | News Feeds News Feed 
 WebProNews Search Part of the iEntry network iEntry inc. 

National Association Of Realtors Releases Forecast

Chris Crum
Staff Writer
Published: 2005-05-09

WebProNews RSS Feed


As mortgage interest rates continue to rise at a less-than-expected pace, the National Association of Realtors released its forecast.

The forecast was released at the beginning of the National Association of Realtors Midyear Legislative Meetings & Trade Expo. The expo runs from today to May 14.

David Lereah, NAR's chief economist, said higher oil prices are having a dampening effect on economic growth. "A side benefit is that mortgage interest rates will be rising less than expected," he said. "The essentially sideways movement in mortgage interest rates recently has defied the consensus of earlier forecasts, with only a modest uptrend detectable over time. The simple effect, in an economy with an improved labor market, is a higher demand for homes."

Lereah expects the 30-year fixed-rate mortgage to grow gradually to 6.4% in the fourth quarter, then average around 6.8% in 2006. "In other words, mortgage costs should remain historically low for the foreseeable future," he said.

According to a press release, sales of existing-homes, including single-family and condo, will be close to last year's record, slipping only 1.2% to a total of 6.70 million in 2005. A similar pattern is expected for new-home sales - a decline of 2.5% to 1.17 million this year, which also would be the second highest on record. Housing starts are seen to increase 0.7% to 1.97 million units in 2005, the best performance since 1978.

The national median existing-home price for all housing types is forecast to rise 7.1% this year to $198,400. The median new-home price is expected to increase 5.1% in 2005 to $232,300.

The U.S. gross domestic product is projected to grow 3.3% in 2005, while the unemployment rate is expected to average 5.3%. Inflation should be tame with the Consumer Price Index rising 2.9% in 2005.

Inflation-adjusted disposable personal income is forecast to rise 3.5% this year, while the consumer confidence index is expected to rise to 101 in the fourth quarter.




Receive Our Daily Email of Breaking eBusiness News


About the Author:
Chris is a staff writer for WebProNews. Visit WebProNews for the latest ebusiness news.

WebProNews RSS Feed

More Articles

Contact WebProNews
Advertisement





TOP NEWS

Targeted Information for Business
WebProNews is part of the iEntry network

Internet Business: Marketing: Small Business:
WebProNews MarketingNewz SmallBusinessNewz
WebProWorld AdvertisingDay PromoteNews
EcommNewz SalesNewz EntrepreneurNewz

Software: Search Engines: Web Design:
WebMasterFree Jayde B2B DesignNewz
NetworkingFiles SearchZA FlashNewz
SecurityConfig SearchNewz WebSiteNotes

Developer: IT Management: Security:
DevWebPro ITManagement SecurityProNews
DevNewz SysAdminNews SecurityConfig
TheDevWeb NetworkingFiles NetworkNewz

The iEntry Network consists of over 100 web publications reaching millions of Internet Professionals. Contact us to advertise.
eBUSINESS RESOURCES






 Advertise | Contact Us | Corporate | Newsletter | Sitemap | Submit an Article | News Feeds
 WebProNews is an iEntry, Inc. ® publication - $line) { echo $line ; } ?> All Rights Reserved
About WebProNews
WebProNews is the number one source for eBusiness News. Over 5 million eBusiness professionals read WebProNews and other iEntry business and tech publications.

WebProNews provides real-time coverage of internet business.

Free Email Newsletters:
WebProNews SearchNewz
WebProWorld DevWebPro
Marketing SecurityNews
Plus over 100 other newsletters!

Send me relevant info on products and services.


WebProWorld
Ten most recent posts.

NetworkingFiles
Featured Software

WebProNews in the News
View all recent mentions of WebProNews from around the world!

Recent Articles On ...
Google eBusiness
Yahoo Ask Jeeves
MSN Blogs
Search Engines Blogging
Affiliate Programs Marketing
eCommerce Advertising
eBay Sun Microsystems
AOL Adsense
Microsoft Adwords
Oracle IBM
Amazon Apple
SEM Mac
SEO iPod
Adsense XBox
PR Adobe



iEntry.com WebProWorld RSS Feed WebProWorld Contact WebProNews Print Version Email a friend Bookmark us