Housing Outlook for 2013
Fort Lauderdale Realtors in South Florida
The United States Economic and Housing Market Outlook released by Freddie Mac for the month of December overviews the projected patterns of the housing market in the year of 2013. Housing Market is expected to be a greater turn around year in 2013 than that in 2012. For Fort Lauderdale Real Estate, this is great news. Examining numbers released by Freddie Mac will show the economic forecast for 2013. The vice president and chief economist at Freddie Mac indicated that over the last few months has uncovered a succession of assenting news regarding the United States housing market that includes an increase in residential construction, positive home-value growth, and a surge in home sales.
He also stated that the firm has noticed a massive change from 12 months prior when quite a few economists believed that the daunting “shadow inventory” would entangle the housing market in a lengthy depression period. On the contrary, the housing market is showing promising signs of recovery, positively affecting the GDP, and is showing indications of the housing market beginning to play a beneficial role in the overall rehabilitation of the U.S. economy.
5-Notable Findings of the U.S. Economic and Housing Market Outlook
1. Long-term mortgage rates are expected to stay near record lows throughout the first 6 months of 2012 and continuously increase throughout the last 2 quarters of the year but stay under the 4% mark.
2. Property values are protected to increase throughout the majority of the United States and the U.S. house price indexes are expected to increase 2%-3% in 2013.
3. Household formation is expected to grow to a net 1.20 to 1.25 million household increase throughout 2013 and housing starts to reach the 1 million annualized mark by the fourth quarter of 2013.
4. Single-family homes and apartment for sale properties’ vacancy rates are protected to take decrease accumulative vacancy rates as household formation continues to outgrow new construction.
5. The refinance trend is expected to endure throughout the early months of 2013 but won’t compare to levels experienced in 2012. Single-family mortgage originations are expected to decline by as much as 15% and multifamily lending is projected to increase roughly 5%.
While the refinance boom will continue into early 2013, it will be less compared to 2012, so look for single-family mortgage originations to decline by 15 percent; conversely, expect multifamily lending to rise approximately 5 percent.
We service homeowners to list their properties in these cities:
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