C.A.R. says 2010 will mark the “new normal” for California Housing Market
The California Association of Realtors says median home prices are expected to rise modestly next year as the housing market begins to experience its “new normal.”
“This new normal likely will feature a steady stream of sales driven by distressed properties in the low end of the market, coupled with moderate home-price appreciation,” says James Liptak.
Liptak made his comments as part of C.A.R’s 2010 California Housing Market Forecast.
C.A.R. Vice President Leslie Appleton-Young says distressed properties are expected to account for nearly one-third of sales next year. She also says inventory will be “relatively lean, under six months during the off-season months, and a roughly four-month supply during the peak season.”
“The wild cards for 2010 include foreclosures, loan resets, the labor market and the California budget crises as well as the actions of the federal government,” Appleton-Young said.
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