According to Fannie Mae’s December Monthly economic outlook, the housing market has turned the corner, with home prices, sales and mortgage rates pointing to continued growth. “The housing market has turned the corner and a sustained recovery is under way,” the report said, despite some significant challenges that remain ahead, including tight lending conditions, uncertainty surrounding mortgage regulations, and the fiscal cliff.
Home prices has been strengthening for the last several months, and are expected to end the year on a positive note for the first time in six years, Fannie Mae economists said.
Existing-home sales, new-home sales and single-family housing starts are expected to see substantial increases from last year.
Rates for a 30-year fixed-rate mortgage are projected to average 3.7 percent this year and decline to 3.4 percent in 2013. Homebuilder confidence also rose to a six-year high.
Spring is just around the corner! It is never too early to start your home search or get your home ready for the Spring market. This past year was the busiest year we had in home sales in 5 years. This year could be even better! There are large numbers of homes at below-market prices & the Interest rates are hovering around 3.5%! Call me at 314-691-1320 for details today! Contact me for help with finding or selling your home.
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