Everyone Agrees: The Housing Market Is Back

Housing market recovery,interest rates,loans,mortgage,economyFrom Investor’s Business Daily (April 22, 2013) “Median home prices (in March) swelled 11.8% to $184,300, the biggest year-over-year gain since November 2005. That reflects in large part the tight inventory of homes. But those higher values appear to be spurring more owners to put their homes and condos on the market.”

From Jed Kolko, Chief Economist at Trulia (March 2013)

“Although buying a home is still cheaper than renting, the gap is closing. In 2013, home prices should rise faster than rents, and mortgage rates are likely to rise in the next year as the economy improves. People who didn’t buy a home last year may have missed the bottom of the market, but they haven’t completely missed the boat. Buying remains cheaper than renting in all 100 large metros.”

From The Sarasota Herald-Tribune (April 23, 2013)

“In Sarasota County alone, the median sale price for a single-family home grew $35,100 over the year to reach $210,000 in March—the highest level in five years. In Manatee County, the median sales price similarly rose by $5,000 to $185,000. Charlotte, which has been slower to rebound, also reported a median price increase of 13 percent, or about $14,000 during the past 12 months, records show.”

From Bank of America (March 2013)

“Home prices continue to show momentum amid shrinking inventory and record high affordability, prompting us to revise up our original forecast (from 4.7%) for home prices this year. We now expect national home prices to increase 8% this year.”

From Money Magazine (March 2013)

“Despite rising prices and mortgage rates that are edging upward, buying a home is still cheaper than renting in the majority of the top 100 markets.”

From U.S. News & World Report (March 2013)

“Rising home prices should motivate would-be sellers to put their homes on the market and it also stimulates new construction, both of which will expand inventory, boost sales, and give house hunters more to choose from.”

From Housing Wire (March 2013)

“Strong momentum in home prices as well as housing activity gave Morgan Stanley analysts enough confidence to upgrade their home price appreciation projections to roughly 7% (from 5%) for 2013.”

From DSNews* (March 2013)

“Strong demand and tight inventory have brought existing home sales back to ‘normal’ levels, and further gains are possible….These conditions, combined with broader economic indicators, lead Capital Economics to revise its previous forecast of a 5 percent price gain this year up to 8 percent.” (*DS News is a daily delivery service for news impacting the mortgage servicing industry.)

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