January 2005
Mortgage Banking;Jan2005, Vol. 65 Issue 4, p14
The article reports that according to the National Association of Realtors (NAR), Chicago, stronger than expected home sales and higher median prices have caused the organization to revise upward its year end 2004 forecast. Existing-home sales are expected to jump 7.9 percent to 6.58 million in 2004, well above 2003's record. David Lereah, NAR's chief economist, said that some of the back-up in housing demand is being met. NAR forecasts tame inflation with the Consumer Price Index rising 2.7 percent in 2004 and 2.1 percent in 2005. The U.S. gross domestic product should grow by 4.4 percent for all of 2004 and another 4 percent in 2005.


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