NAR chief economist sees bust leveling off

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Lawrence Yun, chief economist for the National Association of Realtors, told a group of Realtors in Bradenton that the market is poised to return to normal after a bust that caused the first nationwide home price decline since the Great Depression and drove Florida home prices down to 1997 levels. Yun said his unofficial outlook is that by 2013, home prices will be “easily” 20 percent higher than they are now, and next year will see a rise in sale prices. He said the second half of this year should be stronger than the first half.

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