An excellent article about the present condition of the housing market. We think this applies to all markets nationwide. Buyers can expect to see increasing incentives from builders to attract a shrinking pool of qualified buyers. The two-year-old U.S. housing recovery is faltering. The Mortgage Bankers Association yesterday lowered its forecast 4.1% for combined new and existing home sales in 2014 (first drop in 4 years). The group also cut its prediction on mortgage lending volume by 8.7% (first drop in 3 years). Housing industry analysts cite the number of eligible new buyers is collapsing because of stagnant incomes and lack of credit. The median price of an existing home gained 11.5% during 2013, second only to a 12% increase during 2005, the highest on record, according to the National Association of Realtors. A 5.6% price appreciation is expected for this year. #housingmarket #housingtrends
Posted on: Sat, 28 Jun 2014 07:05:37 +0000
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