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 October 14, 2009

Existing Home Sales Predicted to Rise in 2010
The chief economist for the MBA (Mortgage Bankers Association), Jay Brinkmann, has predicted that the sales of existing homes throughout the country will increase as much as eleven percent next year. He also stated that sales of new homes will show an increase of 21% over 2009 numbers.
Brinkmann stated that entry-level homes will continue to be in high demand. He also made the prediction that the median price of a home would continue to drop to one hundred sixty-four thousand dollars in the first quarter of next year.

The commissioner of the Federal Housing Administration, David Stevens agreed with Brinkmann's predictions. Stevens sees mortgage rates climbing to five point six percent by the conclusion of next year. In spite of that predicted increase, he sees a 12% increase in applications for new mortgages in 2010.