WASHINGTON (MarketWatch) -- Construction of single-family homes will probably decline for a third straight year in 2008, according to the latest monthly forecast from the National Association of Realtors.
The group's July forecast, released Wednesday, is more pessimistic than its June forecast in nearly every aspect.
"With profit margins coming under pressure, homebuilders will limit new construction well into 2008," said Lawrence Yun, senior economist for the NAR, in a press release. "This should help the overall inventory level to move steadily into a more balanced state."
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