NAR projects modest 2008 recovery as credit crunch subsides by ProQuest

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Because builders have made drastic cuts in production, National Association of Realtors' (NAR's) 2008 forecast calls for total housing starts -- including multifamily units -- to drop to 1.14 million this year, compared with 1.35 million in 2007 and 1.8 million in 2006. NAR estimates the median new-home price will drop 1.6% to $242,500 in 2007 before rising 0.4% to $243,600 in 2008. New-home sales are projected to total 796,000 in 2007 and 693,000 in 2008, below the 1.05 million in 2006. NAR also projects growth in the US gross domestic product (GDP) at 2.1% in 2007, down from a 2.9% growth rate 2006, while GDP growth is projected to improve to 2.8% in 2008.

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