[quote=LesBaer45]
And they’ll take action — if they have a job, he said. [/quote]
Glad he at least mentioned that minor detail.
[quote]Barring any major unforeseen events impacting the economy, home prices are expected to rise between 3% and 5% next year — [/quote]
Any unforeseen events, like maybe rising interest rates or rising unemployment?
[quote] although appreciation will vary widely between local markets, he said. See why some economists think housing could be in for a double-dip recession in 2010.
Yun is also taking into account the high level of foreclosures that will continue to pile up into next year. Yun expects foreclosures to peak in the first or second quarter, but said there is demand in the market to absorb the inventory quickly. Read more on the avalanche of mortgage modifications that need to be dealt with. [/quote]
Do you have a link to this story?
[quote] First-time buyers made up a record 47% share of home sales over the past year, up from 41% in 2008, according to NAR’s Profile of Home Buyers and Sellers, scheduled to be released during the conference. In 2006, as home prices were near their peaks in many markets, first-time buyers made up 36% of sales.
The rise in people buying a first home is being attributed largely to the tax credit; Yun estimates that there were 2.3 million to 2.4 million first-time buyers this year. [/quote]
The first-time buyer sales are borrowing from the future, basically.
Gotta love the optimism. Break out the champagne. Good times are here.
