Paul Francis - Las Vegas Real Estate & Summerlin Homes

Yun says 2010 Sales set to increase 15%

http://www.realtor.org/RMODaily.nsf/pages/News2009111301

The tightening inventory at all price points will help improve market performance by bringing supply into better balance with demand, but the added sales, particularly on the higher end, will also increase the number and quality of the market comparables used by appraisers to assign valuations. Once appraisals improve, foreclosures will ease, blunting their drag on the market and making it less likely that Fannie Mae, Freddie Mac, and even FHA will need help from the taxpayer.

“Then we’ll be set for a durable economic expansion,” he said.

Even under the most positive economic scenario, unemployment will remain elevated through 2010. Yun is predicting unemployment to stay near double-digits going into 2011, qualifying this recession, as some economists have, as the "Great Recession.” - Mon Nov 23 2009, 08:58