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by CareyBot

The National Association of Realtors has lowered its expectations for resale home prices in its latest forecast, which anticipates a 2.4 percent price drop this year. The median price of resale homes is expected to be $213,700 this year and the median new-home price is expected to fall 3.7 percent to $238,000. In its previous forecast released last month, the Realtor trade group had anticipated a resale median price drop of 1.4 percent and a new-home price decline of 3.6 percent in 2008 compared to 2007. Single-family housing starts are expected to decline 37.5 percent this year, while the group expects new single-family sales to fall 30.9 percent and resale home sales to fall 4.7 percent this year compared to last year. The forecast report calls for 5.39 million resale home sale...