Wondering what the next year holds for the housing market? Freddie Mac’s Chief Economist Frank Nothaft recently made a few predictions about where mortgage rates, home prices and vacancy rates will be by this time next year.
With the disclaimer that the fiscal cliff could dismantle all these predictions, here are a few of the trends that Nothaft sees:
- Mortgage rates will stay low. According to Nothaft, expect rates to stay low for much of 2013, and then rise slightly towards the end of the year.
- Home values will keep going up. Nationally, Nothaft sees a steady rise in home prices, perhaps 2 or 3 percent over the course of the year. The recovery will vary regionally, of course.
- Young adults will move out of their parents’ homes. Nothaft sees unemployment dropping, which could allow recent college grads to finally launch into adulthood, renting and buying homes. These gains could drive more construction and reduce vacancy rates, said the economist.
For Nothaft’s full predictions, check out Freddie Mac.
This article originally published at https://dc.urbanturf.com/articles/blog/freddie_macs_crystal_ball_a_few_predictions_for_2013/6442.
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