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WHO'S IN YOUR CORNER? WHO'S IN YOUR CORNER? A law firm should always protect your interests A law firm should always protect your interests ...never increase your exposure to liability. ...never increase your exposure to liability. Ge Now in all four corners. a Georgia Now in all four corners. labama m orgi , Ten a, Tennessee, Mississippi & Alaba A nessee, Mississippi & •GreaterLawyerInvolvement&Accessibility •GreaterLawyerInvolvement&Accessibility •Respected,Go-ToIndustryExperts •Respected,Go-ToIndustryExperts •ComplexLitigationExpertise •ComplexLitigationExpertise •TheMaximumProtectionYouDeserve •TheMaximumProtectionYouDeserve •HigherLawyertoFileRatio •HigherLawyertoFileRatio •InnovativeTitleCurative •InnovativeTitleCurative NAR SPECULATES ON FUTURE OF HOUSING The National Association of Realtors (NAR) offered up its predictions on housing at the Realtors Midyear Legislative Meetings & Trade Expo in mid–May. NAR's chief economist Lawrence Yun projected further increases in existing-home sales as the market deals with the effects of low inventory. According to Yun, existing-home sales are likely to increase to nearly 5 million this year, then grow to an annual rate of 5.3 million in 2014, and rise up to 5.7 million in 2015. Dramatic price increases are also expected to continue this year. "Double digit price gains are within reach in 2013 because inventory is bouncing near 13-year lows, but some relief to inventory will occur later in the year," Yun said. NAR projects the median existing-home price will increase by about 8 percent this year compared to the 6.4 percent gain recorded for 2012. By 2014, however, the annual price increase is expected to fall back to 5 percent. Yun also estimates 51 percent of renters are financially qualified to purchase a home—a drastic increase from 24 percent in 2005. Yun's calculation, however, left out credit scores since they were unknown. "Just looking at the financial qualifications, this means there [are] about 8 million more renters with the income necessary to buy a home now than in 2000, but they are choosing not to, or are unable to become a homeowner," he said. If credit standards ease up a bit and return to what NAR calls "normal," the association predicts even further gains in home sales of 15 to 20 percent. Normal credit score criteria, according to NAR, are about 720 for conventional loans and 660 for FHA loans. During the expo, the association also examined the commercial real estate market. Among the NAR members in attendance who specialize in commercial real estate, the trade group reported 58 percent of those polled believe the commercial real estate market will improve in 2014. Overall, NAR says the commercial real estate market is showing improvement in terms of sales, with the multifamily sector leading growth. Interesting, Yun warned of a "potential mini-bubble" that might be forming in the apartment sector because of high demand and easy financing. KNOW THIS Foreclosure, Bankruptcy, Foreclosure, Bankruptcy, Eviction, REO/Closings, Eviction, REO/Closings, Complex Litigation, Title Curative Complex Litigation, Title Curative Personalized Service, Professional Results Personalized Service, Professional Results www.rubinlublin.com v 770.246.3301 www.rubinlublin.com v 770.246.3301 36 Mortgages spend an average of 33.3 months in delinquency before a foreclosure sale is completed in judicial states compared to 20.5 months in non-judicial states, according to Lender Processing Services.