MBA chief economist says home sales to rise in 2010

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Existing home sales will rise 11 percent in 2010, according to market predictions from Jay Brinkmann, chief economist at the Mortgage Bankers Association, while new home sales will climb by 21 percent during the same time period. During a speech yesterday at MBA’s annual convention, Brinkmann also noted that he believes existing home prices would likely decline during the first quarter of 2010 to a median price of $164,200. Federal Housing Administration commissioner David Stevens agreed with Brinkmann’s findings, according to the Associated Press, adding that he believes mortgage rates will jump to 5.6 percent before the end of 2010.

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