Great news from the 2012 Realtors Conference and Expo. The housing market is expected to recover and keep rising through 2014, according to Lawrence Yun, chief economist of the National Association of Realtors.
http://www.realtor.org/news-releases/2012/10/housing-market-uptrend-expected-through-2014Some key points from this report:
- Existing-home sales, new-home sales, housing starts all recording notable gains this year in contrast with suppressed activity in previous four years
- All of the major home price measures are showing sustained increases
- Disruption from Hurricane Sandy will be temporary, mostly localized to New York and New Jersey
- Inflation not an immediate 2013 issue, but should be up to 6% by 2015 due to rising rents, quantitative easing, deficit at 10% of GDP
- Demand on the rise versus decline in housing inventory
- Existing-home sales rise 9% this year, 8.7% next year, 5.3 million in 2014
- Caution: Anticipated volume remains below long-term demand
