Nation: Housing Expected To Rebound But Some Markets Will Feel Pain

Economists expect the housing market to rebound in 2007 for most of the nation. "We may be bottoming out on the sales side," says David Lereah, chief economist for the NAR. Sellers are being a lot more flexible he says and lower prices are bringing some buyers back into the market. Home builders have cut back on production of new houses which will "make for a much healthier market going forward". Lereah predicts the housing market will grow in three-fourths of the country in 2007. Markets in the rest of the country, including California and coastal resort areas from Delaware to Florida--"are going to experience some pain".