More Gains Expected in 2014 for US Housing Market
Experts emphasized recently what they’ve been saying for weeks: The US housing market will show even better gains in 2014.
Evidently, experts believe that it will be a good year for housing, despite the fact that sales are likely to level off slightly.
Those interested in buying and selling real estate in the US in 2014 will surely find the following information helpful as they navigate the market!
Good News for US Homes for Sale
Here’s the outlook for the US housing market, according to a recent article I was reading:
- Interest rates on 30-year mortgages are expected to rise above 5 percent by midyear. Currently, the national average is about 4.5 percent.
- Home prices are expected to increase 5 to 6 percent in 2014, which is about half of what it was in 2013.
- New home construction is expected to show immense growth in 2014, which is great for the homebuilding industry as well as those buyers looking for more options.
- The number of foreclosed homes has dropped significantly in the last several months, suggesting that the foreclosure crisis is nearing an end.
In a related article, CoreLogic reported a similarly optimistic outlook for 2014, especially given the most recent data available.
Citing November 2013 data, CoreLogic reported that: