Real estate analyst expects rebound to begin this year
Home prices in South Florida "easily" could be 20 to 30 percent higher
by 2013, the chief economist for the National Association of Realtors said
Thursday.
Addressing local real estate agents during a conference at the Biltmore
Hotel in Coral Gables, Lawrence Yun countered the persistent pessimism of
experts who insist the region's housing market will continue to struggle
before rebounding slowly during the next few years.
USA Today recently identified Yun as one of the nation's top 10 analysts on
a list measuring accuracy in forecasting. But real estate observers say he
is overly optimistic because he works for the national Realtors' group,
whose goal is to promote home sales.
Yun called 2008 a "year of cleanup" and says the second half will be better
than the first because mortgage markets are improving nationwide and across
South Florida. Foreign investors and Baby Boomers will boost home sales
during the rest of 2008, he said.
A decade from now, sellers and agents will
look back on this as a "small blip on the radar screen," Yun said. "The
long-term fundamentals are terrific."
Posted: 13 June 2008
Source: South Florida Sun Sentinel
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