NAR says that the housing market is on the verge of stabilizing and and forecast sales will rise slightly in 2008 to 5.7 million, up from last month's prediction of 5.69 million. Lawrence Yun,Chief Soothsayer gave a positive outlook for job growth and the replacement of sub prime lenders to borrowers with weak credit with government-backed loans as reasons for the improved outlook.
"Despite over-exaggerated negative coverage on the housing conditions, many local markets are actually seeing price increases," Yun said at a press briefing. "Mortgage availability is improving"...housing"remains affordable in vast parts of the country" — particularly in the Midwest."
For example,pending home sales in Greater Cincinnati are outpacing national figures, according to the Cincinnati Area Board of Realtors, which represents about 80 percent the region’s market. Pending sales are contracts that have been written but not yet closed; closings typically occur 30 to 45 days after a contract is written.
Compared with the third quarter of 2006, U.S home prices posted an increase of 1.8 percent.
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