An article from Realtor Magazine Online, reports that according to NAR Chief Economist Lawrence Yun, home sales have stabilized over the last seven months and should increase slightly in the second half of 2008.  He added, "I believe 2008 will be the year when we have to clean up and recover from the subprime mess."  Yun also said while sales should begin to grow later this year, real improvement in the housing market won't happen until 2009, when sales should climb to 5.71 million units.  Thanks to Fed rate cuts, current borrowers with adjustable mortgages are in better shape.  Some adjustable loan borrowers may actually see their resets produce lower payments.  Yun said, "The Fed has done its job on resets; now it's up to Congress to encourage the home buying that will help stabilize prices."
http://www.realtor.org/rmodaily.nsf/pages/News2008051603

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