2001 Home Sales Near Record Level
The National Association of Realtors announced in December that existing home sales reached a near-record total, despite the now official national recession, the economic fallout from the Sept. 11 terrorist attacks, depressed consumer confidence and Congressional inaction on the hoped for economic stimulus package.

NAR Chief Economist, Dr. David Lereah said home sales have defied projections. "The housing market is proving to be much more resilient than most analysts expected. Sales will be just shy of the all-time record for existing home sales, which was 5.21 million transactions in 1999. In addition, new home sales will set a new record this year. It doesn't get much better than this," he said.

Lereah expects the 30-year fixed mortgage interest rate to rise gradually to 7.2 percent by the second half of 2002, after bottoming-out at an average of 6.7 percent for the fourth quarter of 2001. "Even with the uptick in mortgage interest rates, these are still relatively low rates and we expect favorable affordability conditions to prevail in 2002," he said. CBS Marketwatch.com

* An SRES Article.



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