Monday, October 26, 2009

Prediction: Homes Sales to Rise 11 Percent

What did the house down the street sell for? Want to know call me or visit my website.

If you would like to know what your homes current value is, please contact me for a free evaluation.

If you are starting your search now to buy in the future, why not search like a realtor. Sign up for listing book, a free service I provide with no strings attached.

Here is the link: http://a107021.listingbook.com or call Mike Cribbin, Cribbin Realty, 636-294-6061 or Mike@cribbinrealty.com


Sales of existing homes will rise 11 percent in 2010, and sales of new homes will climb 21 percent over this year, Mortgage Bankers Association Chief Economist Jay Brinkmann predicted in a speech Tuesday at the organization’s annual meeting.

"We still see a concentration in the lower end of the market," Brinkmann said. "The entry level homes are in demand.

"Brinkmann also predicted further declines in existing home prices, with the median falling to $164,200 in the first quarter of 2010.

David Stevens, commissioner of the Federal Housing Administration, concurred, adding that mortgage rates will rise to 5.6 percent by the end of 2010, though not enough of an increase to discourage a 12 percent increase in mortgage applications next year.

Source: Associated Press

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