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November 23, 2010; National Association Of Realtors Predicts Better Real Estate Market In 2011 According to the chief economist for the National Association of Realtors, Lawrence Yun, we can expect home sales to improve in 2011, with prices remaining flat and slightly higher mortgage rates. Yun is expecting home sales to reach 5.2 million for 2011, versus4.8 million for this year, which would match the pace of the year 2000.
Yun is expecting that the slightly improved housing market will lead to a drop in foreclosures, which have been averaging about 2 million a year for the past two years, versus an average of only 400,000 in previous periods. He also predicts that affordability will contribute to an improvement in our real estate market. In our area, because of improved pricing and lower mortgage rates the payment on a median priced home is about $257 less per month than it was in 2005.
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