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2005 should top home sales volume record
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July 21, 2005 WASHINGTON -- The National
Association of Realtors raised its forecast for the housing sector on Wednesday,
with a strong expectation of both existing and new home sales breaking all the
previous records in 2005.
The association sees existing-home sales rising 2.8 percent to
6.97 million this year compared to the last year's rise of 1.6 percent to 6.89
million. The growth is going to be reciprocated by the new-home sales figures:
new-home sales should rise 3.2 percent to 1.24 million in 2005 -- this too
breaks the previous record of 0.2 percent to 1.226 million.
According to NAR, the forecast for total housing starts -
single-family and multifamily - is expected to increase by 5 percent to 2.05
million units, the second highest on record, the earlier peak being 2.36 million
in 1972. To continue the stream of records, 1.68 million homes were started this
year in the family construction category.
- Article by
Nolan Voight for
CMR Mortgage news.
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