Lawrence Yen, Chief Economist for the National Association of Realtors, has released a summary take on the Economic Stimulus Plan and its effect on housing. NAR is understandably pleased with the stimulus package - almost everything they'd lobbied for was included. Yen's prognosis? The first-time buyer tax credit combined with higher loan limits and lower interest rates will raise home sales by 850,000 this year.
And for those who are still complaining about the stimulus, check this impressive figure: Yen estimates that as the stimulus stabilizes home prices, each American homeowner will benefit from an $18,000 average housing value preservation - meaning that values won't decrease as much as they would have.
NAR's mortgage rate forecast for mid-2009: 5.2%.
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