In their latest forecast, the National Association of Realtors (NAR) predicts that home sales will increase nearly 8 percent. After home sales falling 4.8 percent last year, we can all use some good news, and it just keeps getting better.
Not only does NAR expect sales of existing homes to increase in 2011, but they expect an increase (of 4.5 percent) in 2012 as well. New, single-family homes are expecting the fastest rebound; however, as NAR’s chief economist, Lawrence Yun states, “Modest gains in the labor market and the improving economy are creating a more favorable backdrop for buyers, allowing them to take advantage of excellent housing affordability conditions. Mortgage rates should rise only modestly in the months ahead, so we’ll continue to see favorable environment for buyers with good credit”.
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