Here comes 2009
As 2008 comes to a close, many housing analysts are reflecting upon the year and forecasting what home buyers, sellers, and homeowners can expect for this year.
MAKING SENSE OF THE STORY FOR CONSUMERS
• According to Ken Rosen, chairman of the Fisher Center for Real Estate and Urban Economics, although the San Francisco Bay Area likely has joined the rest of the country in a recession, its homeowners have faced much smaller home price declines. Rosen believes the typical homeowner in the San Francisco Bay Area has seen a 12 percent decrease in their home’s value, much lower than the rest of the country. In 2009, Rosen predicts the Obama administration is likely to bring forward a loan modification program and a tax credit for home buyers, while the Federal Reserve will take additional actions to restore the flow of credit.
• C.A.R. has projected a 32 percent decline in the statewide median home price in 2008 for an existing single-family home compared with 2007. The median home price in California will decline 6 percent to $358,000 in 2009 compared with a projected median of $381,000 this year, according to C.A.R.’s economists. C.A.R. also predicts a shift in the housing market during the second half of 2009, when sales are projected to increase 12.5 percent to 445,000 units on an annualized basis, compared with 395,600 units (projected) in 2008.
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