Bright forecast
Jul 26th, 2008 by bill
The latest forecast from the National Association of Realtors is predicting a recovery in sales of existing-home sales during the second half of the year.
NAR President Richard F. Gaylord said the current market offers immediate benefits and long-term value for many buyers. “Home buyers are getting a great deal right now,” he said. “Although inflationary expectations appear to be under control for the time being, sharper consumer price gains could lead to notably higher mortgage interest rates in 2009.”
Based on current indicators, the 30-year fixed-rate mortgage is forecast to rise gradually to 6.5 percent by the end of this year, and then hold at that level for most of next year.
