The National Association of Realtors’ on Tuesday droppe its 2007 forecast for existing home sales for the seventh-straight month, now they are currently predicting a drop of 8.6 percent from last year.
The trade group for real estate agents revised monthly prediction calls for U.S. existing home sales of 5.9 million in 2007, down from 6.5 million last year. Last month’s prediction was for a drop of 6.8%.

If this forecast hold accurate, it would be lowest sales since 2002 (5.6 million). Home sale prices this year are forecast to drop 1.7 percent to a median of $218,200.

Next year, the trade group expects existing home sales to climb to 6.3 million. It forecasts new home sales will fall 24 percent to 801,000 this year and 741,000 next year.

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