Lawrence Yun, NAR chief economist, forecasts that the housing market will soon get a lift from favorable buying conditions, among them:
- Improved affordability
- The lowest mortgage rates in 50 years
- $8,000 tax credit for first-time home buyers
- Higher conforming loan limits.
Improvement from the economic stimulus package isn’t likely to show up in housing data as closed home sales before summer, Yun adds. This is a factor of the buying and reporting process, which can take as long as five months.
The NAR also reported that…