U.S. Economic and Housing Market Outlook For 2013
Many forecasting agencies released their U.S. Housing Market Outlook for 2013, the highlights are below:
- Expect property values to continue to strengthen with most U.S. areas likely to rise by at least 2% in 2013.
- Mortgage rates are expected to remain near their record lows for the first half of 2013, then rising gradually during the second half of the year.
- Annual new construction starts expected to be 1,000,000 as the need for new housing rises to 1,200,000 plus so look for vacancy rates to decline.
- The single family refinance boom will continue into early 2013 but will be less compared to 2012 so look for mortgage originations to decline by 15%.