Wednesday, April 01, 2009

Market Update - Recent Quotes by Industry Professionals

Housing affordability has soared in recent months, while mortgage rates have sunk to at a record low.

Here are some recent quotes concering the real estate industry:

“Prices are so low, we’re starting to see that," says Marc Savitt, President of the National Association of Mortgage Brokers. “In our area, you’re at the bottom.”

“There are encouraging signs that we're near a bottom,” says Nomura Securities Chief Economist David Resler.

“We're seeing a tremendous uptick in activity.” says Savitt, who estimates business is up 50-60 percent from a year ago.

“The hardest hit areas—California, Florida—hinting at a bottom,” says economist David Jones.

“There’s a lot of good sentiment in the air,” says David Olson, a former head of research at Freddie Mac who founded Access Mortgage Research, which provides data to lenders. “I talk to them everyday.”

We are close to the bottom,” says Lawrence Yun, chief economist for the National Association of Realtors. ”Once home sales begin to rise that could boost home buying confidence and get others off the sidelines.”

"Home sales had been surging in California, thanks to steep price declines and foreclosure sales." says Diana Olick CNBC. "I do believe that buyer traffic is picking up, and if we believe the reports, so are sales."

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