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Home prices to inflate 4 percent, home resales to rise in 2010

2009-11-14 21:33:46 (GMT) (Caymanmama.com - Real Estate News News)

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Dallas, Texas (CaymanMama.com) — The housing market continues its effort for recovery under the pressure of the sagging economy.

Lawrence Yun, chief economist for the National Association of Realtors reports that home prices will go up by 4 percent in 2010, as home resales will continue on the upswing as the the market tries to recover.

Yun offered his prediction for next year on Friday during the association’s annual conference and expo in San Diego.

He foresees that home resales will reach 5.7 million next year, a rise from a projected 5 million in 2009.

According to the Associated Press, “He sees unemployment peaking at 10.5 percent before dropping down to around 9 percent this time next year.”

Mortgage rates, in the interim, will average approximately 5.7 percent.



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