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Omaha Steve Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-20-08 11:35 AM
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Home Resales Probably Fell in December: U.S. Economy Preview
Source: Bloomberg

By Courtney Schlisserman

Jan. 20 -- Sales of existing homes in the U.S. probably fell in December, capping the biggest yearly slump in almost a generation, economists said before a report this week.

Purchases fell 1 percent last month to a 4.95 million rate, the fewest since comparable records began in 1999, according to the median forecast in a Bloomberg News survey ahead of the National Association of Realtors' report due Jan. 24.

Falling property values and tougher borrowing rules will lead to more foreclosures and keep the real-estate market in recession for most of this year, economists said. A housing- related slump in consumer spending poses the biggest risk to the economic expansion in coming months.

``We're still on the way down in housing,'' said Ellen Zentner, an economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York. ``The first half of the year is going to be crucial to determining whether we have a recession.''


Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=aZRVXyKLO8L4&refer=home
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