A large crowd of REALTORS®, many with coffee cups in hand, snapping photos with iPhones and Blackberries, packed a ball room this morning to hear NAR Chief Economist Lawrence Yun discuss housing market trends and the economic outlook.
Yun kicked off his presentation by telling the capacity crowd that things are looking up with the recent extension and expansion of the home buyer tax credit and home prices beginning to stabilize. While the U.S. economy still faces some significant challenges, including high unemployment, Yun says there are a number of reasons for REALTORS® to feel optimistic about 2010: “The momentum is building. . .”
According to Yun, the tax credit has already delivered a significant boost to the economy, bringing 350,000 to 400,000 buyers to the housing market so far. The extended and expanded home buyer tax credit will help to release pent-up demand, bringing more buyers–including move-up buyers–into the market and increasing market velocity. Yun estimates that in 2010, thanks to the credit and home price stabilization, home sales should increase by 15%–an estimate that he was careful to explain is extremely conservative. Home values, which Yun stressed are key to durable economic recovery, will begin to become positive in 2010.
To check out NAR’s Economic Forecast or the slide show presentation, visit NAR Research’s home page.
By Melissa Dittmann Tracey, Multimedia Producer, REALTOR® Magazine
NAR has unveiled a new TV ad that spotlights the $8,000 first-time homebuyer tax credit. The new ad, “Housewarming,” hit the airwaves this week and is available to view and download at REALTOR.org. The ad spot features Uncle Sam presenting a young couple an $8,000 check in their new home and urges buyers to contact a REALTOR®. State and local associations can use the ads in their local markets.
View a behind the scenes look at the making of the commercial below, and then learn more about NAR’s Public Awareness Campaign.
By Laura Melcher, Manager, Editorial Development, REALTOR.org
NAR’s Tuesday announcement of the HUD-FHA plan to monetize the tax credit generated much excitement among Midyear conference attendees, while also raising questions from those eager to help their clients take advantage of the program. Many have wondered whether the plan has been formally approved, and if so, when they will learn more details.
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