From national and Santa Cruz real estate to the U.S. economy, the predictions for 2010 are in. Like any predictions, they vary from somewhat bright and cheery to doom and gloom:
CNBC’s Realty Check predicts:
• the beginning of a housing market recovery mid-year
• higher foreclosure inventory
• rising mortgage rates, probably leveling off around six percent.
• suffering commercial real estate
The National Association of REALTORS®’ (NAR) chief economist is projecting:
• A sustainable recovery. The tax credit expansion will help to relieve extra housing supply through mid-2010.
• A rise in existing home sales. The NAR is expecting existing home sales to rise as high as 5.69 million, even with continuing unemployment issues. That's a 13.6 percent increase.
In fact, the U.S. forecasts for national and Santa Cruz real estate are overall positive for 2010.
Housing Predictor, one of the first places to predict the wave of foreclosures, also forecasts positive numbers for 2010. They anticipate rising home sales, market improvement and even value appreciation for some places. Again, the magic period for the start of stabilization is the middle of the year.
Although no one knows for certain what will happen in the future - especially for such struggling sectors as national and Santa Cruz real estate - we can all gain a little hope from the 2010 forecasts. There is one thing that is fairly well agreed upon according to these predictions: there will be a real estate recovery in 2010.
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Existing home sales