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Housing Market Will Improve

Real Estate Agent with Sold It Realty Goup

It's good to know that gradual improvement is expected in the housing market next year, with existing home sales edging up 4% to 5% and new home sales edging up even more because of this year's record lows. Interest rates are expected to rise from record 2011 lows to 4.5% by the middle of 2012. "Very favorable affordability conditions will dominate next year as well, which will probably be the second best year on record dating back to 1970."

Based on NAR’s current projection model, existing-home sales would total 4.96 million in 2011. NAR is revising downward existing-home sales totals in recent years although it expects little change to previously reported comparisons based on percentage change.

New-home sales for 2011 are projected at 302,000 this year, a record low, with expectations that they will rise about 23% to 372,000 in 2012.



Posted by

Coletta Payne, Real Estate Broker

RE/MAX Centerstone of Indiana

P. 317-590.1037


Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

All the signs I am see would make me agree with you. My preapprovals have already exceed, what I did last year. The loans that I have already closed for first time home buyers have already exceeded last year. I am working with over 50 clients to get their credit improved or repaired, which is double any time previously. They will ready to be referred to Realtors for 2012. All looks better going forward.

Nov 14, 2011 07:47 AM