Real Estate Out Look in 2012

By
Real Estate Broker/Owner with Rummy Dhanoa Real Estate Experts

ECONOMIC OUTLOOK               
Growth Rate - %             2009             2010          2011         2012
Real GDP                        -3.5               3             1.6              2
Nonfarm Payroll               -4.4             -0.7           1.1           1.1
               
% Levels                       2009             2010          2011         2012
Unemployment                9.3               9.6             9              8.8
30 Yr Gov’t Bond              4.1               4.3            4.1            4.4
30 Yr Mortgage                5.1               4.7            4.6             5
               
% Change – Year Ago     2009             2010          2011          2012
Existing Home Sales        4.9                -4.8            0.3            4
New SF Sales                 -22.6            -14.4            -8            18.2
Housing Starts               -38.7              5.6            -5.8           7.9
               
So, how's the market? It's been down so long no one has noticed it's going up. But it is! Sure September prices dropped slightly, driven by the animal spirits of economic discomfort.
But consider:
•In May, economists predicted 2011 prices would fall another 7% - 9% and Redfin said prices would in fact stabilize. Since May, prices have actually increased 3%.                                               
•For the whole year, prices are flat                                               
•However weakly, sales are increasing                                               
•The number of homes for sale is falling                                               
•The number of foreclosures is falling   
We are not expecting a miracle: prices will be low for years, But being a little sick isn't so bad. Especially when you are recovering....... .                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
The Sales Team of Rummy Dhanoa
Keller Williams Realty Group
www.FreeNYHomeSearch.com

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Topic:
Real Estate Market Trends
Location:
New York Westchester County Yonkers
Groups:
I Love NY
Tags:
market
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economic outlook
2012

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