So, how are we doing? And where are we going in Real Estate for 2013? The projections are positive for another season of housing gains in 2013.
How 2012 Shaped Up
By Paul J. Lim @Money December 3, 2012: 5:49 PM ET
So exactly how did 2012 shape up?
Here's what Money magazine's December 2011 issue said would happen -- and how the year turned out.
The outlook. Don't expect a recession, but don't count on blistering growth either. GDP will rise just 2%.
What happened. A recession was averted, and the economic forecast was on target. GDP grew 2.1%.
The outlook. With profits growing briskly and interest rates at historic lows, stocks will post decent gains and beat bonds.
What happened. Earnings growth slowed, but stocks wound up posting spectacular returns of 14%, through the end of October, handily beating fixed income.
The outlook. The market will stabilize in most regions; prices will rise only 0.25% on average.
What happened. Most regions of the country did stabilize, though prices on average fell about 1%. Read More>
By Carla Fried @Money December 3, 2012: 6:09 PM ET
In Money magazine's Make More in 2013, you'll learn what's contributing to a rosier outlook for economic growth, how to get more investment income at a time of super-low rates, and how you can start exploring and how you can start exploring job opportunities again. This installment: Why, as a prospective home seller or buyer, you need to stop sitting on your hands.
After five years of tumult, order and opportunity are finally being restored to the housing market.
Home prices are expected to rise a modest 1% from the fourth quarter of this year to the end of 2013, according to the real estate research firm Fiserv. David Stiff, Fiserv's chief economist, notes that after some choppiness early on, prices should increase 3.4% from the second quarter of 2013 to the second quarter of 2014. In hotter regions out West, you can expect bigger gains.
"Housing is finally turning the corner," Stiff says.
"There is no reason to be fearful of further large price declines." Read More>
At last, most indicators point to a genuine recovery in the housing market.
Pat Mertz Esswein, Assoc. Editor
December 13, 2012
After nearly six years of deflating home prices, the housing market is finally, firmly on the path to recovery. For the year ended September 30, home prices nationwide rose by 4.9%, and the median price for existing homes jumped by almost $14,000, to $185,000, according to Clear Capital, a provider of real estate data and analysis.
Buyers turned out in greater numbers in 2012, driven by affordable homes and historically low mortgage rates. Strict guidelines for getting a mortgage, however, continue to hinder the ability of some would-be buyers to close the deal.
All the positive trends for the housing market will drift into 2013, becoming more entrenched as the economy picks up steam in the second half of the year, says Celia Chen, a housing economist at Moody's Economy.com. Market observers agree that home prices will keep rising in 2013, but they disagree by how much. Clear Capital's forecast is at the higher end, with an overall gain of about 5% in 2013. Kiplinger expects a more modest 1% or 2% hike.
As the recovery blooms, "sellers will smile more, and buyers will need a more concentrated focus," says Lawrence Yun, chief economist for the National Association of Realtors (NAR). Home buyers can expect to face stiff competition for fewer highly desirable homes. Read More>
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