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.