A Year of Repair, Then a Year of Growth
"First, the good news: Home sales have stabilized over the last seven months and are expected to increase measureably in the rest of 2008. And the subprime lending crisis is almost past; the balance of this year will be about cleaning up that mess.
The bad news is that the current annualized sales pace of about 5 million existing homes is the lowest in 10 years. Luckily, the economy has over 10 million more jobs than 10 years ago, so sales should begin to grow later this year and continue into 2009, when sales should climb to 5.71 million units.
So, even thought we're not out of the woods yet, by many signs we've put the worst behind us."
The above caption(s) were taken from Lawrence Yun, Chief Economist of the National Association of Realtors. This is proof that the real estate market is back on the rise and that the media needs to stop scaring the public. Yes, times have been tough....but like Mr. Yun said...we've put the worst behind us.