The National Association of REALTORS (NAR) revised their forecast for 2008.  In summary, resale home sales and prices will fall about 6 percent this year.

In 2006, there were 6.48 million reseale home sales, then dropped 12.8 percent to 5.65 million in 2007, and will drop to 5.31 million this year.  It will rise 5 percent to 5.58 million in 2009.

In 2007, the median price of resale homes was $218,900, and will drop to $205,300 this year.  it will rise 4.3 percent to $214,100 next year.

Call me to discuss how this compares to activity in the local area.  You can visit my website at www.pathaleonline.com.