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Tagged : consumers

Found 2 blog entries tagged as "consumers". - In 2012, the national housing market finally turned a corner. We’ve now experienced 13 straight months of home value appreciation. Sales were up significantly over 2011 as buyers returned to the market, boosting demand.

So what will 2013 have in store? Here are five things consumers can expect to see in the housing market next year:

1.  Rising home values.

2.  Whether you should buy or rent will depend on where you are living and how long you will be there.

3.  Homeowners who underwater with the mortgage will start to surface.

4.  Historically affordable with interest rates being so low.

5.  Mortgage interest deduction will play a part in what happens to the real estate market.

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Mortgage loan rates are touching new 60-year lows, but many consumers won't be able to take advantage of them.

The lower rates will likely spur some homeowners to refinance, economists say. But mortgage standards remain so tight that many people won't qualify for a loan if they want to buy a house.

Disappointing economic growth helped drive fixed 30-year mortgages down to an average of 3.84% this week, says mortgage giant Freddie Mac. That bested the previous record low of 3.87% in February.

Low rates are traditionally good for housing demand, but this time may be different. Rates are dropping on signs of slowing economic growth, which isn't good for consumer confidence or housing demand.

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