by Yvette Betancourt
Here it is! Straight from Freddie Mac's Frank Nothaft, chief economic's for Freddie Mac! So what does he predict for 2013 housing ?
Housing Activities
The turnaround was in 2013 and 2013 will continue to pick up. Nationwide, home sales were up 9% in 2012 from 2011. Frank Nothaft predicts housing prices could rise an additional 20 percent and home sales rise another 8% to 10%. Great News for Southern California as he see a pickup in home prices and sales.
Mortgage Rates
Rates will stay very low due to the Fed's decision to continue buying up large quantities of mortgage-backed securities. The 20 year fixed conforming loan rate is expected to remain below 4%.
Distressed Levels
Foreclosure reamin at high levels but the "shadow inventory" has come down during the past two years. There is still 3 million homes that are in serious delinquent. Bank Owned home supply will be limited in 2013.
Progress of Recovery
The Fed recognized that the housing market has been lagging and they introduce Operation Twist and dedicated to push mortgage rates to record-low levels.
Sounds like a 2012 housing year with increase in sale prices and sales. Sounds like a great time to buy and take advance of the low interest rates. Perhaps time to sell and get top dollar for your property.
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