" " " Maine's Waterfront Real Estate News: 2010 Real Estate Forecast

Monday, January 18, 2010

2010 Real Estate Forecast

New Year’s 2010 looks a whole lot more positive for real estate and housing than things did last year at this time.

The out look right now is a complete contrast -- home sales have been rising for several months, thanks in part to the federal tax credit programs, new home starts and permits are up in most parts of the country, and prices are generally trending up in most of the markets that got shell-shocked in the bust.

So here’s what many economists are projecting:

• 2010 will continue to be an optimum buyer’s market, where those in a position to purchase will continue to receive and negotiate optimum deals.

• Home prices are expected to rise 3 to 5 percent in 2010

• Mortgage interest rates are projected to move up from just over 5% for 30 year loans to 6% by late 2010.

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