Posted By: Nicole Nelson
Scott Van Voorhis
OK, here’s one that is sure to get all the housing bears out there feeling downright surly again.
The National Association of Realtors is forecasting that prices will rise 4 percent in 2010 after hitting bottom in 2009.Home sales will also rise by 700,000 to 5.7 million, he argued.
Lawrence Yun, the association’s chief economist, made the sure- to- be-controversial predictions to the faithful assembled at NAR’s annual convention in San Diego last week.
He also noted foreclosures will top out in the first half of next year and the “fear factor’’ of falling prices that has put such a damper on the market will fade.
I guess you have to hand it to Yun, if nothing else, he’s not afraid to stick his head out there.
Still, given some of notoriety the real estate trade group earned for some of its predictions during the bubble years, this is risky territory.