Housing To Gradually Improve In 2012 According To Lawrence Yun Chief Economist to NAR

Housing to Improve in 2012

According to chief economist to the National Association of Realtors,  in a conference held in California , improvement in the housing market is expected in 2012, with existing-home sales edging up 4% to 5% and new home sales getting an even bigger boost .

Yun further predicts a GDP of 2.2% in 2012 and an unemployment rate of 8.7%. Mortgage interest rates are expected to rise to the 4.5% range from its historic current lows. Very favorable affordability conditions will dominate next year as well, which will probably be the second best year on record dating back to 1970. Our hope is that credit restrictions will ease and allow more homebuyers to take advantage of current opportunities. Read More

The optimistic national forecast demonstrated similar signs in  Bergen County NJ  as can be seen in our recent Market Conditions Report , one of the shining stars in the region is Tenafly with eye opening surge in sales of 36% to date compared to same period last year.