According to recent comments from the National Association of Realtors senior economist, Lawrence Yun, 2008 should be a good year for the residential real estate market.
- Conditions are improving for consumers
- Widening credit availability should help release pent up demand
- Mortgage rates are improving
- While sub-prime loans have disappeared, FHA loans see to be the replacement
While sales are off from the peak they hit in 2005, 2007 should go down as one of the fifth highest years in history for existing home sales. With one in sixteen households buying a new home this year, home sales are expected to total nearly 5.8 million in 2007. This number is projected to increase to 6.1 million in 2008.
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