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If the average rate of a 30-year fixed-rate mortgage rises to 6 percent by the end of 2010, how will the market react? The National Association of Realtors is calling for increased sales volume and slightly higher home values, due in part to the extension of federal tax credits, but Matt Garrison of Coldwell Banker and CondoShark.com isn’t so sure. Matt went on CNBC yesterday and more than once questioned the predictions of NAR Chief Economist Lawrence Yun. Click “play” to hear what both have to say about the coming year.
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A respected opinion no longer. Lawrence Yun’s forecasts continue to be overstated and innacurate. I appreciate the way Garrison subtly challenges his rosy predictions. I think the market will be flat at best with respect to both sales and pricing. I also would hope Yun is correct but as it relates to Chicago, particularly in the better neighborhoods, I would be pleased to be flat in 2010. I also want to get to the point where the market is standing on it’s two feet and without any federal subsidies or credits.