Housing Market Expected To Stabilize

Monday, December 10th 2007, 1:37 pm
By: News On 6

WASHINGTON (AP) -- A real estate agents trade group says it thinks the housing market is on the verge of stabilizing. The National Association of Realtors is lifting its outlook for this year and next.

It calls for U.S. existing home sales to drop 12.5% this year to the lowest level since 2002. The group calls for sales to rise slightly in 2008.

The realtors say the median price for U.S. existing homes will drop 1.9 this year and then rise 0.3% next year.