December 9, 2011 rummy 2Comment

ECONOMIC OUTLOOK
Growth Rate – % 2009 2010 2011 2012
Real GDP -3.5 3 1.6 2
Nonfarm Payroll -4.4 -0.7 1.1 1.1

% Levels 2009 2010 2011 2012
Unemployment 9.3 9.6 9 8.8
30 Yr Gov’t Bond 4.1 4.3 4.1 4.4
30 Yr Mortgage 5.1 4.7 4.6 5

% Change–Year Ago 2009 2010 2011 2012
Existing Home Sales 4.9 -4.8 0.3 4
New SF Sales -22.6 -14.4 -8 18.2
Housing Starts -38.7 5.6 -5.8 7.9

So, how’s the market? It’s been down so long no one has noticed it’s going up. But it is! Sure September prices dropped slightly, driven by the animal spirits of economic discomfort.
But consider:
•In May, economists predicted 2011 prices would fall another 7% – 9% and Redfin said prices would in fact stabilize. Since May, prices have actually increased 3%.
•For the whole year, prices are flat
•However weakly, sales are increasing
•The number of homes for sale is falling
•The number of foreclosures is falling
We are not expecting a miracle: prices will be low for years, But being a little sick isn’t so bad. Especially when you are recovering……. .
The Sales Team of Rummy Dhanoa
Keller Williams Realty Group
www.FreeNYHomeSearch.com

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