Though there is currently downward momentum" in the housing market right now, the downswing is poised to move back up again in 2008, economists at a recent National Association of Home Builders forecast conference said.
The economists gave these reasons:
- The overall economy and job growth continue to move ahead at a decent pace;
- Core inflation is under control;
- The late-summer credit crunch in mortage markets is easing; and
- And the supply-demand equation will balance out as builders "whittle down" excess inventory.
"Home sales should bottom out by ...