Realtors: home prices to rise 4 percent in 2010

[FBaggins]

SAN DIEGO (AP) -- Home prices are expected to grow modestly next year and sales will keep rising as the housing market continues to recover from the worst downturn since the Great Depression, the National Association of Realtors said Friday. Home resales are projected to total 5.7 million next year, up from an estimated 5 million this year. Prices will climb 4 percent after a projected decline of 13 percent this year, according to Lawrence Yun, chief economist for the trade association.

"Going into 2010, I anticipate that prices will also begin stabilizing or begin to modestly improve," Yun told the audience at the association's annual conference and expo in San Diego. The housing market's rebound has been aided by an aggressive federal intervention to lower mortgage rates and bring more buyers into the market. Home resales rose in September to the highest level in more than two years, something Yun said shows buyers are eager to get back into the market.

A federal tax credit of up to $8,000 for first-time homebuyers has helped stoke sales this year. The incentive was set to expire at the end of this month, but the NAR and other housing groups successfully lobbied to get the credit extended.


http://finance.yahoo.com/news/Realtors-home-prices-to-rise-apf-935437126.html?x=0&sec=topStories&pos=2&asset=&ccode=

[FBaggins]

1. Now we get to find out how serious the administration is

about enforcing substance abuse laws...


...because somebody has been smoking/taking something.

[RaleighNCDUer]

2. There ya go! Re-inflate that bubble! nt

[ixion]

3. yeah, in their dreams...

:eyes:

I want some of what the realtors are smoking.

[ClarkUSA]

4. Link? nt

:shrug:

[FBaggins]

5. Thanks. It's fixed - n/t

[jwirr]

6. Reality to realty - but will they sell?

[Speck Tater]

7. This is what they WISH will happen. It bears no resemblance to reality. nt

[DJ13]

8. They forget the shadow inventory of homes now bank owned

The shadow inventory has 5X (!) as many homes as the numbers sold in an average year after all the foreclosures the last two years.

Banks arent listing that inventory because they dont want to recognize the loss on their books in this climate.

That inventory will eventually have to come onto the market, and when it does home valuations will further collapse.

[SoCalDem]

9. Um.. there are millions more foreclosures to come within 9 months

and next year they expect the commercial real estate market to crash.. and in 2011, a whole bunch of the liar-loan 5- yr ARMs will re-set..:(

My son just paid $240K for a completely re-habbed house that sold for $468K in 2007.. he got it @4.25 30 yr fixed, with $79K down... AND Prop 13 locked in his real estate taxes at the @240K rate.. His PITI is going to be almost $300 LESS than what they paid for a crummy crackerbox 2-BR apt with NO garage and NO privacy..

[Mari333]

10. sure, it will, with no jobs,no middle class, no foreseeable incomes

and more homes foreclosing..
sure.

Im sitting in my house, which is now worth 20,000 less than I paid for it. I wont be moving or selling anytime soon.
Glad there is a handicapped ramp in the back. I may be old as hell and able to use it by the time my home regains its value.

[EmeraldCityGrl]

11. The entire Real Estate industry is a scam...

These vultures have made 6% across the board on the misery of homeowners facing foreclosure and lost equity.

Slowly things are changing as people find alternatives to listing their homes with traditional agencies.

It's a crime how much they earn for doing so little.

[RagAss]

12. Realtors?.... HAHAHAHAHHAHAHAHAHAHA

[Gin]

13. the ones that were down 60% may rise...not the rest of the market

(IMO)

[JANdad]

14. Realtors have taken a page from the Oil co's

and futures speculators palybook...if you say it often enough, then it will come true...

[BR_Parkway]

15. Meanwhile, in an alternative reality.....Obviously we really need to expand mental

health care

I wish, I wish, I wish just isn't going to make it happen. When prices finally do level out, we'll be looking more at what they were in mid to late eighties - available money for rent/mortgage and jobs will always have that impact.