BrokerageIndustry News

NAR forecasts slow economic growth in 2011-12

Median price of resale homes expected to dip 3.9% this year
Published on Sep 29, 2011

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by CareyBot

A monthly index that gauges pending sales of U.S. resale homes jumped 7.7 percent year-over-year in August but dipped 1.2 percent compared to July 2011, the National Association of Realtors reported today.

Also today, NAR released its latest forecast report for 2011 and 2012, revising down an earlier prediction for U.S. real gross domestic product growth. The association expects U.S. GDP growth of 1 percent in 2011 and 1.3 percent in 2012, compared to a previous forecast, released last month, that anticipated GDP growth of 1.6 percent this year and 2 percent in 2012. Actual U.S. GDP rose 3 percent in 2010, and declined 3.5 percent in 2009.

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