11% Growth in Home Sales for 2010 Forecasted by Fannie Mae Economists

I just read an interesting article at Inman.com with some very interesting facts about where we are right now with the real estate market and what we can expect looking forward.

According to this article, "The deepest and longest recession since the Great Depression appears to be over, Fannie Mae economists say, projecting sales of new and existing homes will jump 11 percent next year and that national home prices will stabilize, remaining essentially flat".

The article goes on to say, "Real gross domestic product (GDP) grew at a 3.5 percent annualized pace in the third quarter, following five declines in the prior six quarters, they noted, but growth is likely to moderate in the final three months of the year before strengthening in late 2010."

The article also discusses how the extension of the first-time home buyer tax credit has helped both first time home buyers as well as repeat home buyers and had therefore given a boost to third quarter sales.

There was also a "23.3 increase in the annualized rate of residential investment (home sales) in the third quarter" which was, "the largest in more than two decades".

If you are considering purchasing a home in Alameda, I would not wait any longer. There are some great deals right now and a number of well priced beautiful homes have just come on the market this last week. Interest rates are incredible! What are you waiting for?

Kate McCaffrey
Realtor | Certified Green Building Professional | Co-owner of McCaffrey Custom Construction, Inc.

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