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Popular Housing Market Predictions for 2013

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It’s that time of year: everywhere you see lists of Top-10 movies, ads, songs, restaurants, Google searches and celebrity outfits. Mixed in are reviews of the year just past, and predictions for next year. In our business, we pretty much stick to predictions about the housing market. Here are a few we’ve seen floating around:

  1. The housing market will continue to recover from poor sales, foreclosures and declines in property values.
  2. Inventory will continue to challenge the housing market. The supply of homes for sale nationwide fell 43%, leading to bidding wars and making buying a home impossible for many people who wanted to. For a full recovery, normal levels of inventory will be necessary.
  3. Rising sale prices should inspire those homeowners who were holding off to put their houses on the market—which will help with inventory issues.
  4. Mortgage regulation reform will affect some, but not all consumers. Five of the nation’s largest banks agreed to a $25 billion fund to cover foreclosure prevention programs, and loan modifications compensation to homeowners harmed by past misdeeds. New rules will have legal and financial implications for lenders who write loans beyond the borrower’s ability to pay.
  5. Home prices will rise beyond the “affordability window,” and renting will be a better choice for many consumers. Housing is becoming less affordable everywhere, for both renters and owners.
  6. The fiscal crisis in Washington could force the end of the mortgage tax deduction. With $100 billion in annual revenue at stake, both Democrats and Republicans are considering capping the deduction or converting it into a credit.
  7. No one will be asking, “Has the housing market hit bottom?” That’s old news.

We’ll come back to review these predictions next December, when 2013 is history, and 2014 is full of promise.

2 Responses to “Popular Housing Market Predictions for 2013”

  1. Blank Avatar Baltimore City Homes Says:

    I think I’ve seen this before. Is any of your research from CNN?

  2. Blank Avatar content Says:

    No, but CNN is probably among the many news outlets that wrote about 2013′s housing market. Thanks for reading!


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