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Chill Extends to the Housing Market

Biz BriefsNew Jersey’s housing market won’t be pulling out of its slump in 2007, according to an economic forecast released last week from Patrick O’Keefe, CEO of the New Jersey Builders Association in Robbinsville. Builders are estimated to start construction on 27,000 new homes in 2007, compared with approximately 33,500 in 2006, according to O’Keefe, who attributes the slowdown in housing starts to builders delaying new projects and curtailing other activity. As for the resale market, he expects home prices to adjust in the first half of the year, as more prospective sellers lower their asking prices in order to sell homes.

By the third quarter, he sees monthly sales exceeding monthly listings, which will in turn reduce housing inventory.

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