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NATIONAL ASSOCIATION OF REALTORS COMMENTS ON HOUSING START DATA

 NATIONAL ASSOCIATION OF REALTORS COMMENTS ON HOUSING START DATA
 WASHINGTON, Dec. 17 /PRNewswire/ -- Dr. John A. Tuccillo, chief economist of the National Association of Realtors, issued the following analysis of the housing starts data released today from the U.S. Department of Commerce:
 The drop in housing starts in November was expected, due to a lapse in consumer confidence, diminished demand and the ongoing financing struggle in the building industry. All these factors, compounded by severe weather in some ares, caused starts to fall last month.
 It is likely that the Fed will drop the discount rate again soon. This, along with continued declines in mortgage rates, will help stir up some activity. But, consumer confidence must improve and the economy must respond before a strong rally in home building will occur.
 Currently, we are expecting housing starts to total 1.007 million units this year, falling 15.6 percent from 1990. However, we are looking for starts to pick up next year. For 1992, we expect starts to total 1.192 million units, which would be an increase of 18.3 percent from this year.
 NAR, "The Voice for Real Estate," is the nation's largest trade association, representing nearly 800,000 members involved in all aspects of the real estate industry.
 -0- 12/17/91
 /CONTACT: Trisha Morris, 202-383-7560, or Liz Duncan, 202-383-1043, both of the National Association of Realtors/ CO: National Association of Realtors ST: District of Columbia IN: SU: ECO


TW -- DC003 -- 2862 12/17/91 10:11 EST
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Date:Dec 17, 1991
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