By 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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See Also
- Intero Real Estate Services- Find Real Estate, Property For Sale, Homes For Sale
Intero Real Estate Services is one of the premier real estate brokerages. Find real estate, properties, homes for sale in Arizona, California, Colorado, Nevada and Texas. - California Association of Realtors
The California Association of Realtors is one of the largest state trade organizations in the United States, with more than 165,000 members dedicated to the advancement of professionalism in real estate.
