Some might refer to him as the Moses of NAR... leading us out of wandering in the desert and into the promised land. When Dr. Lawrence Yun speaks... are you listening? He's singing a pretty positive tune these days, and I found myself tapping my feet to a new beat. It certainly made me wanna get up and dance ;-)
The Chief Economist for the National Association of Realtors (NAR) is once again delivering his message from the mountain top, sharing good news with Realtors across the nation regarding the future of homeownership. It's no surprise that many states have turned a page in one of the scariest books in history called The Recession.
I had the pleasure of meeting Dr. Yun last year in Washington DC at the very first Realtor Rally on the lawn of the Washington Monument. He of course, was on the phone briefing the President about all of those crazy Realtors in blue shirts storming the Capitol. It was definitely a Kodak moment ;-)
This week, I attended an Economic Summit in Southern Oregon where the honored guests, Dr. Lawrence Yun and Dr. David Crowe (Chief Economist for the National Association of Home Builders), provided a State of the Union address on the outlook of the real estate market. I found myself humming the tune... Coming Out of The Dark.
For those of us who survived the wandering... the future appears bright. According to the experts, the last 5 months have produced a year over year housing appreciation in the double digits. The shortage of homes nationwide has created pent-up demand for housing for the next generation of boomers (25-34 yrs old)... which lends a potential clue of who we should be marketing to ;-)
A few other bite size morsels from the Economic Summit...
- The Wall Street Journal predicts home prices to rise 5.3% this year and 5.1% next year. Dr. Yun believes the figure will be higher due to low supply.
- The Dodd-Frank Legislation will continue to be a pill of a bill with respect to lending practices (as many smaller community banks are still trying to understand the new rules).
- There appears to be a greater migration toward the sunbelt states (South/West).
- The West Coast is recovering quicker than the East Coast, particularly CA, where foreclosures are down by 50% and home values are up as much as 20% in some northern parts of the state.
- There's an energy renaissance taking place in America, providing promising opportunity to export oil to China in the near future, thereby contributing to a stronger U.S. economy.
Finally... there's a glimmer of hope on the horizon. We're coming out of the dark and beginning to see the light! Oh, Hallelujah!
Coming Out of The Dark ~ Melinda Peterson