Experts disagree on housing recovery

Foreclosures, jobs to impact prices into 2011

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

The National Association of Realtors (NAR) predicted the housing market would improve by the end of 2010. In September 2010, Lawrence Yun, NAR's chief economist, said that he expected the housing recovery to be "slow and gradual because of lingering economic uncertainty." The 2010 housing market has been characterized by lower sales volume than a year ago. However, the median price increased 0.08 percent in August from a year ago. The number of homes sold nationally in August increased 7.6 percent from July, 19 percent below the August 2009 level. August closings reflect sales made in April when the homebuyer tax credit was still available. We could see lower sales volume and median sale prices moving forward. This will vary from one area to the next. Real estate is a localized business. In California, home sales for 2010 are predicted to rise 2 percent from the 2009 level. The median sale price is expected to increase 11.5 percent from a year ago to $306,500 and a...