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…