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Housing: The "Steady Eddie" of Investments

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Housing: The "Steady Eddie" of Investments

Housing activity this year will be somewhat lower than in earlier forecasts as lending standards tighten and subprime mortgage originations tighten, according to NAR. Lawrence Yun, NAR senior economist, said speculative behavior, which contributed to abnormal price growth, is now on the decline. Home buyers today are purchasing for the long-term, generally with a realistic expectation of modest gains over time, Yun said. Housing first and foremost is shelter. Second, its a long-term investment that slowly builds the greatest amount of wealth for most families. NARs latest forecast projects existing-home sales at 6.29 million this year and 6.49 million in 2008, compared with 6.48 million last year.

Click here to see U.S. Economic Outlook: May 2007

Source: National Association of Realtors Research Update, May 16, 2007

Posted by Kristin Wright at 5/16/2007 11:40 AM

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