So here are a few predictions for 2008 ... lets see how well I do.
1) Housing sales will increase in 2008 to 5.1 million units however the median sales price will be lower since many of the home sales will be distressed properties
2) Investors will purchase roughly 30% of houses sold next year
3) New laws will be passed; one will be related to the mortgage industry requiring licensing for all mortgage brokers and some form of fiduciary responsibility for loans made, second will be a change in the education standards for mortgage brokers (not sure what)
4) Credit markets will loosen up and sub-prime loans will be available but the requirements will be a) qualify at the maximum rate of the loan b) have a job and provide proof of income c) have a credit history that proves a trend of making payments
5) There will be 100,000 less real estate agents in the industry
So at the end of December 2008 someone call me on these predictions
What are yours?
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