The chief economist for the National Association of Realtors predicted yesterday that mortgage interest rates will rise to 6 percent next year but saw no evidence of a “double dip” in housing price declines.
Economist Lawrence Yun, keynoting the San Diego Association of Realtor's regional real estate summit, said California and San Diego are at the leading edge of a real estate recovery, based on rising prices and sales.
He noted that demand locally is strong enough that there is just a 2½-month inventory of homes for sale. With construction running at a sluggish pace, he said a shortage could develop next year as buying interest picks up.
“Usually, there is a 5 percent or 10 (percent) to 15 percent recovery” in sales, he said. “That's been the past, historic experience. California markets have seen a 50 percent increase and there have been some markets up 100 percent.”
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