Your gateway to Albuquerque real estate and homes for sale.

Fred Creek
Qualifying Broker
Call Us (505) 299-2580
Header Image for ABQhomes

NAR Forecasts Home Prices to Fall 5.3% in 1st Q — Setting Record

Posted on

This week brought another steady stream of bad housing news. The National Association of Realtors (NAR) reported that its Pending Home Sales Index slipped to 87.6 in November. The index measures the level of U.S. sales agreements. The 2.6% drop far exceeded experts’ projections of a 0.8% decline.

The NAR now forecasts home prices to fall by a record quarterly year-over-year 5.3 percent during the first three months of 2008. However, keep in mind the old saw that, “In real estate, the 3 most important things are location, location, location.” Experts predict that Albuquerque real estate prices will buck the national trend and will appreciate 3.5% to 5% in 2008.

Meanwhile, Federal National Mortgage Association (FNAM, pronounced Fannie Mae) President and CEO Daniel Mudd predicted that the housing downturn would continue through 2010. Fannie Mae is the nation’s largest financer and guarantor of home loans.

Concerns over housing woes reach all the way to the White House. U.S. Treasury Secretary Hank Paulson said he sees “no evidence” that the nation’s housing market is near a bottom.

Leave a Reply

Your email address will not be published. Required fields are marked *

Fred and Sandra Creek
Fred & Sandra Creek
Realtor-Logo
ALBUQUERQUE WEATHER
$
$