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September 20, 2007

Could An End Be In Sight For Market Downturn?

According to a report published in today's Sacramento Bee Sacramento's 2-year-old real estate downturn has a good chance of hitting bottom in 2008.

At the first of several fall forecasts that look ahead to next year, new home builders were told to expect months more of the slowed sales and heavy discounting that have marked 2007. The session came a day after the Federal Reserve made significant cuts in interest rates and triggered hopes among builders of improved consumer confidence.

"By and large, we're of the view that next year is not a recovering year," said Jim Goodchild, chief lending officer of Houston-based RBC Builder Finance, which loans money to home builders and land developers. "We're looking at next year as, finally, the year we bottom out."

To read the entire article click here.