NAR: Resales Will Rise Gradually in '07

The National Association of Realtors is forecasting that the sales of existing homes will rise gradually next year and record an annual total only slightly below this year's.Resales are expected to total about 6.47 million this year, a decline of 8.6% but the third-best year on record, the NAR said. Next year they are expected to rise from the "current cyclical low" and finish the year at 6.40 million, down 1%. David Lereah, the NAR's chief economist, said the overall picture does not reflect the mixed conditions around the country. "Roughly three-quarters of the country will experience a sluggish expansion in 2007, while other areas should continue to contract for at least part of the year," he said. "Most of the correction in home prices is behind us, but general gains in value next year will be modest by historical standards." The association can be found online at http://www.realtor.org.