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Nar's national forecast for 2008'

Real Estate Agent with The Broker Network of Central Oregon
NAR's 2008 Forecast
year2006* 2007**       

Interest Rates

30-year fixed***6.4%6.4%6.5%
Home Sales 
Existing-home price increases1.0%-1.7%0.0%
Existing-home sales6.5 million5.7 million5.7 million
New-home sales1.1 million796,000693,000


Vacancy rate5.9%5.9%5.6%
Rental rate change4.12.93.8
Net absorption (units)229,428209,153234,398

Office Space

Vacancy rate12.5%12.9%12.4%
Rental rate change5.26.13.1
Net absorption (square feet)78.0 million53.8 million65.1 million

Industrial Space

Vacancy rate9.4%9.6%9.4%
Rental rate change1.43.93.7
Net absorption (square feet)202.8 million125.0 million165.6 million


Vacancy rate8.1%9.3%8.9%
Rental rate change3.92.91.0
Net absorption (square feet)10.7 million12.1 million19 million

Economic Indicators

Inflation rate3.2%2.8%2.8%
Gross domestic product2.9%2.1%2.8%
Unemployment rate4.6%4.6%4.9%

* Estimated. ** Projected. *** Average for year
Source: NAR Research