National Association Of Realtor’s Economist Forecasts Home Prices To Rise 15% In 3 Years

National Association Of Realtor's Economist Forecasts Home Prices To Rise 15% In 3 Years

National Association Of Realtor’s Economist Forecasts Home Prices To Rise 15% In 3 Years

Real Estate Outlook 15% Rise in 3 Years; California 5.7% Predicted Climb

The bandwagon for positive outlooks for the real estate continues to get more crowded. A few days ago Jaime Diamond CEO of Chase said he saw green lights in terms of the real estate market. Now at the National Association of Realtors conference Chief N.A.R. Economist Lawrence Yun predicted U.S. home prices rising by 15% over the next three years.

Of course both the CEO for a major bank and the chief economist for the National Association of Realtors have something to gain by pushing forth positive outlooks for the real estate market.

Just a few weeks ago, the chief economist for the California Association of Realtors Vice President and Chief Economist Leslie Appleton-Young predicted California median home prices to increase a moderate 5.7 percent to $335,000 in 2013.  Following a decrease in 2011, the California median home price will climb a projected 10.9 percent in 2012 to $317,000.

Interest Rates Expected To Remain Low Through 2014

In related talk, Mark Vitner, an economist with Wells Fargo,  predicted that mortgage rates will remain at historic lows through 2014, keeping home buying affordable. Mr. Vitner forecast that the rate on a traditional, 30-year mortgage, now at approximately 3.4%, will “bottom out” at 3.3% in next year’s first quarter amid concerns about federal budget-balancing efforts.

Even with low interest rates, many people still have concerns about the possible weakening in the job market as most Americans do not have rising incomes to get up with the rising real estate market.

National Association Of Realtor’s Economist Forecasts Home Prices To Rise 15% In 3 Years

National Association Of Realtor’s Economist Forecasts Home Prices To Rise 15% In 3 Years

National Association Of Realtor’s Economist Forecasts Home Prices To Rise 15% In 3 Years

National Association Of Realtor’s Economist Forecasts Home Prices To Rise 15% In 3 Years

National Association Of Realtor’s Economist Forecasts Home Prices To Rise 15% In 3 Years

National Association Of Realtor’s Economist Forecasts Home Prices To Rise 15% In 3 Years

National Association Of Realtor’s Economist Forecasts Home Prices To Rise 15% In 3 Years

National Association Of Realtor’s Economist Forecasts Home Prices To Rise 15% In 3 Years

National Association Of Realtor’s Economist Forecasts Home Prices To Rise 15% In 3 Years

National Association Of Realtor’s Economist Forecasts Home Prices To Rise 15% In 3 Years

National Association Of Realtor’s Economist Forecasts Home Prices To Rise 15% In 3 Years

National Association Of Realtor’s Economist Forecasts Home Prices To Rise 15% In 3 Years

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1 Comment

Filed under Banks, California

One response to “National Association Of Realtor’s Economist Forecasts Home Prices To Rise 15% In 3 Years

  1. Pingback: Asking Prices Continue To Rise Into Autumn | Resource Blog

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