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* REAL ESTATE MARKET IN 2011

This is a great article on KCM Blog on the future of real estate market

Demand for Housing Will Increase in 2011

by The KCM Crew on December 13, 2010 · 0 comments

The last Pending Home Sales Index from the National Association of Realtors (NAR) showed a substantial 10.4% month-over-month increase. According to NAR the index measures:

housing contract activity. It is based on signed real estate contracts for existing single-family homes, condos and co-ops. A signed contract is not counted as a sale until the transaction closes. Modeling for the PHSI looks at the monthly relationship between existing-home sale contracts and transaction closings over the last four years.

This increase confirms a growing feeling that demand for housing has begun to increase.

Both NAR and Fannie Mae expect an increase in sales over the upcoming five quarters. Here are their projections:

Bottom Line

Sales will increase over the next several quarters. The increase will initiate a housing recovery. However, price increases will not take place until current inventory levels diminish. That could take 12-18 months.

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December 13, 2010 Posted by | Buying, Foreclosures, Homes for Sale, Market Statistics, Selling | , , , | Leave a comment

   

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