Stimulus Package and Lower Interest Rates Expected to Spur 900,000 Additional Home Sales
Posted by TheHomeCart.com on Saturday, February 28th, 2009 at 7:45pm.The National Association of Realtors® estimates the impact of the economic stimulus package and lower interest rates to be 900,000 additional home sales. By year end, inventory is expected to fall below an 8-month supply.
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 existing-home sales in the West, inclusive of Denver, were unchanged in January and 29 percent stronger than a year ago. In comparison, nationwide existing-home sales down 8.6 percent lower from a year ago.
For more information about NAR’s assessment of the impact of the economic stimulus package, January existing-home sales and January inventories, click here.Our select team here with TheHomeCart.com and Brokers Guild - Cherry Creek Ltd is committed to meeting all of your Colorado real estate needs. We use the latest technology and utmost degree of customer service to enhance your real estate buying and selling experience. Our team services the Denver Metro area helping buyers and sellers with homes, townhomes, condos, lofts, and investment properties. We specialize in offering relocation assistance for local, national and international buyers of homes and properties here in colorful Colorado. For more information about buying or selling your Denver area home, please contact us here at TheHomeCart.com.
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