Saturday, November 14th, 2009
Lawrence Yun, chief economist for the National Association of Realtors, predicted on Friday that home prices will rise in 2010. If his prediction holds true, home prices will see their first increase in four years.
Yun pointed to the current price-income ratio of 2.4 as evidence of pent-up demand in the market. The price-income ratio accelerated from a norm of 2.6 in 1984-2001 to 3.3 in 2005. This means the price-income ratio has dipped below its pre-bubble rate.
The housing tax credit extension is also seen as a contributing factor to rising homes prices next year.
DHW asks: Do you think home prices will rise in 2010?
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Posted in $6500, $8000, H.R. 3548 Worker Homeownership and Business Assistance Act of 2009, Housing, Housing Article, home prices, home sales, home value, housing tax credit | No Comments »
Tuesday, November 10th, 2009
Critics of the Housing Tax Credit were quieted, if only briefly, when the National Association of Realtors (NAR) released data for third quarter home sales. According to the trade group, home sales increased by nearly 6% over this same time last year. Despite the spike in sales, prices have fallen more than 11% during the same period. The U.S. median existing single-family price for the third quarter was $177,900.
Opponents of the housing tax credit feared an inflationary reaction in home prices. Although housing inventories are down, existing units still outweigh the demand.
NAR chief economist, Lawrence Yun, predicts home prices will stabalize next spring. His prediction may be overly optimistic. Foreclosures and short sales made up 30% of thrid quarter sales. There is no real evidence to suggest foreclosures will take a breather in 2010.
DHW asks: Do you see a bottom to the housing market?
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Posted in Housing Article, home sales, housing tax credit, realtors | 1 Comment »
Sunday, October 25th, 2009
I think this article offers some interesting data. I’ve read similar reports forecasting a US housing bottom in mid to late 2010. However, I don’t know if we can really call a bottom without having a clearer picture of the employement market. If 10% will be the “new” standard for unemployment, as some are suggesting, when will the 90% employed reach a consensus on job security?
DHW asks: When do you see the housing market hitting bottom?
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Posted in 2010, Housing Article, Maya calendar, home prices, home value, housing bottom | No Comments »