Positve Expectations for 2010 According to Realtors Confidence Index

[Jennifer Griner]

To put it mildly, the real estate market during the last decade was a rollercoaster. This year, though, seemed to be more of a low, and according to the most recent Realtors Confidence Index (RCI) by the National Association of Realtors (NAR), positive expectations are increasing.

According to a survey of more than 50,000 Realtors, sales expectations of real estate practitioners for residential properties for the next six months increased compared to a month ago for all types of housing.

Ratings include:

• Single-family homes: 41.1 (up from a rating of 38.7);
• Town-houses: 23.0 (up from 21.8);
• Condos: 18.2 (up from 16.7).

As for home prices, 60.1 percent of respondents expect home prices to increase 0 to 5.0 percent in the next year, but 30.4 percent believe home prices will fall over that same time period.

According to Lawrence Yun, NAR chief economist, home sales are expected to get a boost by roughly 15 percent next year.

Yun said. “Despite the very positive news on the housing stimulus, there remain significant risks to the forecast.”

Read more about the risks...

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