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2012 shows signs of an improving
housing market as the U.S. economy continues its forward-moving yet slow road
to recovery. Although there are economists projecting housing prices will
decline further, aided by distressed property sales that sell at a greater
discount, these prices are expected to rebound considerably later in the year
and continue into 2013.
Factors that continue to impede a speedier recovery in the housing are consumer
confidence, job-growth uncertainty, and tough lending standards that keep many
otherwise qualified buyers from financing a home purchase. However, consumer
confidence may be showing signs of improvement according to a report released
by Fannie Mae on December 7, which revealed that consumer sentiment toward home
prices is stabilizing and that, for the first time in six months, more people
believe that prices will soon begin to rise. This is an encouraging
development, as much of our economic vitality depends upon the overall
confidence of the consumer, and could trigger even stronger home sales as more
people feel confident that prices will go up.
As the new year begins, many consumers appear to be in a holding pattern,
waiting to see how the economy reacts to the different demands both here and
abroad. Yet with steadily increasing sales and record-breaking affordability,
now is the time to take advantage of these opportunities to buy or sell a home.
Sources: Fiserv, Fannie Mae
Donna Patterson
(910) 988-7641
Email: Donna@DonnaPatterson.com
Website: www.DonnaPatterson.com