by Calculated Risk on 2/07/2008 11:11:00 AM

From NAR: Existing-Home Sales to Hold in Narrow Range, then Begin Upward Trend

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in December, slipped 1.5 percent to a reading of 85.9 from a downwardly revised index of 87.2 in November, and was 24.2 percent below the December 2006 level of 113.3.

And here is the NAR's forecast for existing home sales in 2008 and 2009:

Existing-home sales are projected at an annual pace of around 4.9 million in the first half of this year, rising notably to 5.8 million in the second half, and totaling 5.60 million for all of 2009.

The NAR forecasts are always amusing. The recovery is always just around the corner!