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Home prices could jump almost 10% in 2013 (J.P. Morgan)
• S&P/Case-Shiller home price index shows biggest year-over-year increase since spike caused by expired tax credit
• Existing home sales for November rose 5.9% over October, 14.5% higher than in November 2011 (National Association of Realtors)
• 2012 Housing starts are 23% higher than 2011 and 2013 predicted to usher in a 21% gain over 2012 (National Association of Home Builders).
• Inventories are low and demand is rising – 22% below last year’s levels of traditional listings and distress properties (National Association of Home Builders)
• Positive consistent reports are out on housing starts, permits, prices, new-home sales and builder confidence in recent months indicating a gradual but steady housing recovery is underway across most of the nation (National Association of Home Builders)
• Existing home sales are at the highest level since November 2009
• Foreclosures and short sales accounted for about 22% of November sales, down from 24% in October and 29% in November 2011
• Builder confidence has posted gains for 8 consecutive months and is now at 47; the NAHB/Wells Fargo Housing Market Index has not been above 50 since April 2006
• Rental market has greatly enlarged due to demand and more than 31% of today’s renters plan to buy a home in the next two years, a 9-point increase from 22% in January 2011 (Trulia’s American Dream survey)
• 72% of “Millennials” (18-34 year olds) have
homeownership as part of their personal American Dream. About 93% expect to buy a home one
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