Sales of existing and new homes will drift downward from 2002's record pace, ending the year at their second-best levels ever, according to the National Assn. of Realtors.
David Lereah, NAR's chief economist, said that, with the war behind us, home sales should become fairly stable. Although buyers at the margins of qualifying for a loan may feel a pinch if the interest rate on 30-year fixed-rate mortgages rises to 6.3% by the end of the year, the higher rate will not significantly affect the overall market, he said.
