NAR 2010:”Prices Up,Durable Recovery”
November 14, 2009 by admin
Filed under Real Estate Articles
NAR announced to their national convention that “housing prices will rise in 2010″. Over a cheering crowd, Lawrence Yun, chief economist for NAR gave several reasons to see 2010 housing with rose colored glasses.
“Things are much better,” Lawrence Yun said to applause at the organization’s annual convention in San Diego, attended by an estimated 20,000 delegates. ..We’re seeing price stabilization on a month-to-month basis..We will be set for a durable economic recovery,” he said. “
Yun cited low interest rates, improved affordability among would-be home buyers and increased sales activity, primarily for starter homes.
Additional reasons for his optimism:
- $8,000 tax credits to first-time buyers
- 16 million renter households making enough money to qualify to buy homes, demand should remain strong next year and restore confidence among all would-be buyers and households in general
- The pool of first-time buyers is 5 million more than in 2000 representing pent-up demand, Yun said.
Yun predicts that if the credit continues to have the same impact on demand in 2010, overall house prices might rise 4 percent next year, after falling 12.9 percent this year
- home resales could increase by 800,000 above this year’s 5 million mark
- while new-home sales could rise as well
- Yun also forecast that Realtor incomes will go up 20 percent next year.
More related Positive News
Third Times a Charm-Homes resales up 4%
August 4, 2009 by admin
Filed under Home Resales
Home resales have risen for three months in a row, (For the first time in five years)increasing nearly 4 % in June. It is amazing what historically low mortgage rates, first-time homebuyers tax credit of up to $8,000, and great pricing and affordability can do for home sales. It seems the time to get off the fense is now.
