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Mortgage Bankers Say Things Are Improving

Mortgage Bankers Say Things Are Improving

The Mortgage Bankers Association had its annual meeting this week. They’re looking for an 11% increase in existing single family home sales in 2010. That’s cool. But get this: they’re also expecting a 21% increase in sales of new homes. Seems huge . . . but I guess you have to consider that new home sales have been pretty non-existent for a couple of years. 21% of nuthin’ much is not as much as 21% of sumthin’ more. But it’s still encouraging.

They expect most of the activity to be in the lower price ranges and note that the median price of a single family home in America should continue to decline to $164,200 in the first quarter of next year.
I’ve seen increased activity in almost every part of the country. Real estate people have been working harder than I’ve ever seen and I have great respect and admiration for the fight and determination they’ve shown through the downturn. Regardless what you think about agents and brokers business models, commission rates and splits, once again we’re seeing REALTORS(R) at their best, fighting to keep the American dream alive for all of us.

Publish Date: 10/22/2009 12:00:00 AM