Housing to gradually improve in 2012, NAR economist says « HousingWire

Housing to gradually improve in 2012, NAR economist says « HousingWire: Gradual improvement in the housing market is expected next year, with existing-home sales edging up 4% to 5% and new home sales getting an even bigger boost off this year's record lows, the chief economist of the nation's largest real estate group said Friday.
"Tight mortgage credit conditions have been holding back homebuyers all year, and consumer confidence has been shaky recently," Lawrence Yun, chief economist of the National Association of Realtors, said. "Nonetheless, there is a sizeable pent-up demand based on population growth, employment levels and a doubling-up phenomenon that can’t continue indefinitely."

The former FHA loan limits are being restored-another boom for the housing market and for those with less than excellent credit or high debt to income ratios. And the interest rates are pretty much the same as conventional loans!

I agree. There is definitely pent up demand for housing as buyers have held off until conditions are more favorable. Based on what I'm seeing and hearing in my business, I believe that many buyers holding off will enter the market in 2012! Everyone is talking about the interest rates-money is cheap and it is time to BUY!