Fannie Mae 2010 Market Predictions
Earlier this month, Fannie Mae released their predictions for the 2010 housing market. Our trust level with the mortgage giant is a little low due to their troubled year… Nevertheless, their 2009 predictions were not too far off so we will give them a break.
The Skinny
Fannie is predicting double digit home sales and new construction sales in 2010 compared to the 09 slumber. Existing home sales are predicted to rise by 10% next year while only gaining 3.1% nationally this year. New home sales are predicted to rise by 26% compared to a 19% drop in 09.
These numbers are national numbers. In the Northern Virginia market, I can only assume that sales will continue to remain strong as we have seen over the last 6 months. We have already seen an increase in new home sales as existing home sale inventory is at a low. The important principle to remember when hearing national statistics is that real estate is local… We were very fortunate to not hit the lows that many areas hit.
photo credit damoxdotcom
the reference is to the movie back to the future.
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