Existing Home Sales Falling in 2007

According to the National Association of Realtors, next year will likely bring a second annual decline in existing home sales.

Sales of existing homes are expected to decline 8.6 percent to 6.47 million for 2006 and contract another 1 percent to 6.40 million units next year. Still, the housing sector should see a rebound by the end of next year, said David Lereah, the association's chief economist.

"By the fourth quarter of 2007, existing-home sales will be 4.6 percent higher than the current quarter," Lereah said.   Sales of new homes should fall a sharp 17.7 percent this year and another 9.4 percent next year, the Realtors said.

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Home Trends We Never Saw Coming

Some of the latest trends in homebuilding and remodeling were not too hard to spot. Is anyone surprised that Americans, already living in monster homes, want even bigger ones?

But there were some developments we never saw coming.

After conducting a survey, questioning 923 real estate agents, brokers and industry executives, Mark Nash, an author has gleaned the newest home developments, widely popular among homebuyers nowadays, for example:   Upscale garages Who knew that those smelly, greasy spaces overstuffed with junk and empty boxes would morph into showplaces for Home Improvement types?   "Today's owners want [garages] decked out with cabinet and storage systems, matching refrigerators, air conditioning and residential looking flooring," says Nash.

Read more about other hottest home trends nowadays…

Housing Market to Stabilize in 2007?

After months of sharp declines, housing starts exhibited faint signs of revival last month. According to the U.S. Census Bureau's report on Dec. 19, total starts edged up 6.7% in November to a seasonally adjusted annual rate of 1.59 million units.

Housing starts rose for the last time in September; May and January also saw small increases. The November news — though far from momentous — offsets the grim mood set in October, when starts on new homes plummeted 14.6% to 1.49 million, the lowest level in more than six years.

Why the sudden adjustment? "The economic indicators — interest rates, energy prices, income — are all pretty good, and the consumer fear of a long price decline is subsiding," says Gopal Ahluwalia, head of research economics for the National Association of Home Builders.

Read more about predictions concerning housing market for next year…

Buying Your First Home  

Here's a startling fact: Young Americans are the fastest-growing group of homeowners.  

Nearly 26% of people under 25 own their homes, up from just under 20% in 1982. In the 25-to-29 age group, nearly 41% are homeowners, up from 39%.

Yet the median home price has more than tripled in the past 24 years. That's made buying a home increasingly hard for young adults who are still renting or living with their parents.

Throughout much of the country, though, the 7.4-month supply of homes on the market is giving buyers more bargaining power than they've seen in six years. Mortgage rates, declining again, are the lowest since January.   Several state and local governments have stepped in to try to help working-class people, especially nurses, teachers and emergency service personnel, afford homes in the most expensive areas of the country.

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House Remodeling for Seniors

More and more families across the country find themselves at a crossroads: They wish to remain in their homes as they age, but they recognize that their kitchens, bathrooms, hallways and bedrooms need to be safer and easier to navigate.

That need is giving rise to an army of experts who are eager to help people age in place. Many are home builders and remodelers, with titles like certified aging-in-place specialist. Others are interior designers, architects and occupational therapists. Even appliance and gadget makers, health-care providers and lenders are jumping in.

But who is the best person to help you with the task of continuing to live in your home — and do you really need a specialist?

The one issue that most experts agree on is that the sooner you plan for changes in your home, the better.