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John Vanhara Most Top Housing Economists Are Bullish on 2004
RISMEDIA, Dec. 11-All the right ingredients are in place for many top economists to predict that the residential real estate market in 2004 will be a close second to 2003. Here’s what they say:
Frank E. Nothaft, chief economist for Freddie Mac says there will be a “powerful housing market” in 2004. He explains that the overall economy will grow. Mortgage rates will remain low. Employment is expected to increase.
“It will translate into just an excellent year,” he says.
“I don’t think we’ll set another [home sales] record,” Nothaft adds about 2004. “[2003] was just off the charts.”
The situation for first-time homebuyers continues to be promising, too.
There already have been significant gains among first-time lower income and minority buyers between 1994 and 2003, he says. But there remains a big difference between the white homeownership rate of 75 percent and the minority rate of just under 50 percent, he says.
Financial education, advances in underwriting, new technology, and bilingual programs will all lead to significant gains in homeownership over the next several years among traditionally underrepresented groups, he says.
“There’s still much more progress that can be made,” Nothaft says.
Susan M. Wachter, professor, Wharton School, the University of Pennsylvania, and assistant secretary of Housing and Urban Development during part of the Clinton administration, says, “It will be another incredible year for residential real estate.”
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Jeff Smith
MillionSaverHomes.com is local Las Vegas real estate broker
(702) 296 7835
jeffsmith@millionsaver.com
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