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What can we expect in 2007?

December 7, 2006

The housing correction is about two-thirds finished, but the market will hit a trough in the first half of 2007, predicts Freddie Mac Chief Economist Frank Nothaft, speaking at the 10th annual Home Building Conference, sponsored by the New York Society of Security Analysts.

“We’re most of the way there,” he says. “We’ve still got a bit of decline going forward. I do think by the second half of 2007 we will see home sales and activity picking up, not back to 2004 and 2005 levels, but above the trough.”

Nothaft predicts average home prices across the United States will appreciate by 3 percent in 2007.

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