Weichert Forecasts a Housing Market on the Rise

-- Real Estate Pioneer Calls the Bottom of the Market and Expects
Home Sales to Begin Showing Modest, Steady Increases --
MORRIS PLAINS, N.J.--(Business Wire)--
As president and founder of Weichert, Realtors, one of the
nation's largest privately-held real estate companies, James M.
Weichert has seen his share of market shifts. In fact, Weichert has
become quite efficient at predicting changes by regularly studying the
factors that shape the housing sector. Yet, this well-respected
industry pioneer has never felt so strongly about a market shift that
he would come out and declare so publicly - until now.

In a message to the company's nearly 18,000 sales associates as
well as approximately 2,000 employees, Weichert announced that "we
have reached the bottom of the housing market and will soon begin to
see improvements."

"We saw an extraordinarily hot market at the start of the decade
like we may never see again. I knew in May 2005 that we had reached
the peak of the market when mortgage payments began to stretch beyond
buyer affordability," said Weichert. "Now, everything I am seeing is
telling me the worst is behind us and we'll begin to see a gradual
increase in sales activities."

Weichert acknowledges that the recovery will happen at slightly
different times and at different rates throughout the country because
real estate remains a local business. "I recognize that some areas
locally and some states nationally are not there yet, but by and
large, we are turning the corner."

As is typical in real estate, the Northeast appears to be the
first area heading in to a new market. In many states, home sales are
increasing slightly month over month and the home supply is waning. At
the same time, interest rates remain historically-low, foreclosures
are on the decline and mortgage money is becoming more readily
available again.

Perhaps the biggest factor Weichert feels points to a market on
the way back up is the increase in buyer interest. "There is just a
lot of pent-up demand right now. We are seeing more traffic to our Web
site, more people coming to our Open Houses. Despite the downturn the
past few years, life goes on. People continue to get married, have
kids and change jobs and buying a new home often goes hand in hand
with these life milestones."

To support his belief that the market is now on an upswing,
Weichert will incorporate in to its current print and Internet
advertising a message to buyers: "You might be guessing, but we're
sure. Now is the time to buy."

"I know there are a lot of interested buyers who have sat on the
sidelines the past few years either because they lacked confidence in
the market or because they were hoping to time their purchase
perfectly and buy at the lowest point possible," added Weichert. "I
would tell those people there is no more reason for uncertainty or
hesitation."

Weichert has nearly 18,000 sales associates in more than 500
company-owned and franchised sales offices in key markets throughout
the U.S. A family of full-service real estate and financial services
companies, Weichert helps customers buy and sell both residential and
commercial real estate, and streamlines the delivery of mortgages and
home and title insurance. For more information, Weichert's customer
service center can be reached at 1-800-USA-SOLD or at Weichert's Web
site, www.weichert.com. Each Weichert franchised office is
independently owned and operated.

Weichert
Doug Hoekstra, 973-397-3578
dhoekstra@weichertrealtors.net

Copyright Business Wire 2008