Freddie Mac analysis think home sales bottomed in the first three months of 2009 at an annual rate of 4.46 million per year, and will post steady gains each quarter to reach a pace of 5.85 million sales per year by the fourth quarter in 2010.
Sales of both new and existing detached single -family homes are expected to bottom this year at 4.72 million -- down 37 percent from the 7.46 million transactions closed in 2005 -- before rebounding to 5.5 million next year, Freddie mac said in its July 2009 Economic and Housing Market Outlook.
Rates on 30-year fixed-rate mortgages are expected to continue rising from their low of 5 percent in the second quarter of this year, reaching 5.5 percent in in the final quarter of 1009 and 6 percent by the end of 2020. At 5.8 percent, however, the projected average for 30-year fixed-rate mortgages will still be low by historic norms.
No comments:
Post a Comment