INFO THAT HITS US THIS WEEK OF JANUARY 18TH 2016 & BEYOND

INFO THAT HITS US THIS WEEK OF JANUARY 18TH 2016 & BEYOND

There isn't too much to annoy us in the latest prognostications about what the housing market's performance might be in the year just entered. The National Association of Realtors (NAR) housing and economic forecast predicts the housing market might see 1 to 3% growth in overall sales in 2016.

The NAR estimates that existing home sales for 2015 will come in 6.5% ahead of 2014 and then hit 5.3 to 5.4 million units this year.

They forecast housing starts at 1.25 to 1.35 million units for 2016, as home building continues to strengthen. Price gains are expected to moderate, with median home prices up 4.0 to 5.0%.

For 2016, Fannie Mae's Economic & Strategic Research Group sees increased household income and job security helping the housing market, while increased consumer spending spurs economic growth.

Their January Housing Forecast for the year projects single-family housing starts up 16.9% and single-family home sales up 11.9%. Existing Home Sales should increase by 2.9%, resulting in total home sales coming in 3.7% ahead for 2016.

The median home price of all homes purchased with conforming mortgages is forecast to go up 5.2% this year. Mortgage applications started 2016 impressively, up 21.3% for the week, to their second highest level in five years.

BUSINESS TIP OF THE WEEK... Satisfied former clients are great sources of new business. Even if they don't need your services again, they can refer you to new prospects, starting you off with a great introduction.

QUOTE OF THE WEEK... "I like long walks, especially when they are taken by people who annoy me." --Fred Allen, American comedian