(마이애미 한인) WASHINGTON – Oct. 22, 2012 – Rising home prices across the country are giving a long-awaited boost to the housing market, according to economists who spoke this week at a webinar sponsored by the National Association of Home Builders. However, some fiscal uncertainties could make the recovery a “bumpy ride.”
Despite the known challenges, however, the economists remained mostly optimistic about the outlook for the real estate market. Mark Zandi, chief economist for Moody’s analytics, forecasts that mortgage rates will stay low, the availability of housing credit will improve as private mortgage lending picks up, and the job market will gain traction as policymakers resolve fiscal issues and the uncertainties facing the market.
(마이애미 한인) While generally optimistic even in the face of challenges, builders cited a handful of known problems: They continue to find credit for new projects a challenge, and potential buyers still struggle to qualify for mortgage loans due to tightened underwriting standards. The economists cited a challenge with appraisals coming in lower than the agreed-upon sales price, and a limited inventory of developed lots in certain housing markets. Another factors potentially jeopardizing the speed of the recovery, the economists added, are possible tax increases and spending cuts that are set to take effect in January.
Robert Denk, NAHB’s assistant vice president for forecasting and analysis, said that nationwide housing starts are projected to return to 55 percent of normal production by the end of next year, and reach 70 percent of normal levels by the end of 2014.
(마이애미 한인) The hardest-hit housing markets – such as Arizona, Florida, Nevada and California – still have a long way to go for making up appreciation losses during the housing crash. However, energy-producing states – such as North Dakota, Texas, Oklahoma, Montana and Wyoming – are expected to return to normal levels in housing production by the end of 2014, Denk said.
© 2012 Florida Realtors®