Latest NAR Forecast Indicates Mortgage Market Improving for 2008

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On October 10, a press release from the National Association of Realtors paints an improving picture in the mortgage market. According the press release, senior economist Lawrence Yun said that this improving forecast is due in part to “widening credit availability,” and that “conforming loans are abundantly available at historically favorable mortgage rates.” Other factors cited are the reduction of new home starts, because it reduces the amount of inventory, which Yun claims “will help lower inventory and firm up home prices.”

I should note that buyers who cannot qualify for a conforming mortgage might still experience difficulty obtaining the financing they need to make a home purchase. Speaking with a mortgage consultant and obtaining a mortgage pre-approval ahead of time is always advisable. Knowing your home buying limits in advance will go a long way to reduce—if not eliminate—uncertainty and anxiety at closing.

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