Insider Q&A: Realtors’ group Chief Economist Lawrence Yun

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — Lawrence Yun, chief economist for the National Association of Realtors, discusses his outlook for the housing market this year, which he expects will continue to favor sellers as demand outstrips the supply of homes for sale. Yun also forecasts that mortgage rates will rise modestly this year. That will limit buyers’ pricing power, stretching first-time buyers’ ability to qualify for a home loan. Yun predicts that higher mortgage rates will lower sales of U.S. homes next year by about 2% compared to last year.