Thursday, January 10, 2008

Housing market may improve in '08

From KGO:

MENLO PARK, CA -- With all of the negative news about the state of home sales in the Bay Area and around the country, the National Association of Realtors predicts the market will improve this year; winding up being nearly 1-percent better than 2007.

Three homebuilding executives appeared on KGO radio's the Ronn Owens Show with an optimistic view on new home sales in the Bay Area.

"Palo Alto, I'm talking about a million-dollar condo, 1,200 square feet in Palo Alto and we are selling 5 a month," said Vickie Nyland from Taylor Morrison Homes.

The sub-prime mortgage fallout has been kinder to major Bay Area cities like San Francisco and San Jose where there is less new home construction -- compared to places like Antioch. Nationwide, homes sales are expected to be down nearly 13-percent from 2006.

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