NAR Real Estate Forecast for 2008 - 2009

Buyer, Seller, Real Estate News

The market is looking up in the near future. Pending Home Sales Index which predicts upcoming sales rose 5.3% in June but is still 12.3% below last year. What is more outstanding is that the Index rose 9.3% in the South; the best increase in the U.S.

Improvement in the market are expected due to the new housing bill which allows for higher FHA loan limits and the first time home buyer tax credit. Should the 2.5 million first time home buyers utilize the tax credit then sales can rise 7% to 5.51 million in 2009.

In the more depressed market, homes are seeing multiple bid situations which are bringing actual sales prices up. This may be the bottoming out of prices in those areas.

Lawrence Yun, NAR chief economist, expects home prices to increase 3 to 6 percent in 2009 and the 30 year fixed rate to be around 6.5% by 2009 and remaining stable for most of the year.

Source:

http://www.realtor.org/press_room/news_releases/2008/pending_home_sales_rise

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Date: Tuesday, August, 12th 2008 @ 09:54:00 PM
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