What will the 2013 real estate market hold in store for us? CNN-Money just released their predictions:
National 2013 housing predictions
1. Buying will be less affordable because house prices are rising,
2. Job rates, not housing prices will show the condition of the housing market,
3. Mortgage delinquencies will continue to drop,
4. Mortgage interest rates will stay at record lows, and
5. There are fewer first time home buyers, but that might increase.
Of course, it’s very difficult to predict the future, at least if accuracy is important. Even Gary Shilling, one of the nation’s most prominent real estate price guru’s got it wrong for 2012, when he said home prices would drop another 20% because of a flood of foreclosures, among other things. Fortunately, that didn’t happen, and 2012 house prices rose nationally and locally, in Eugene Springfield Oregon.
So, how do the experts’ national predictions apply to Oregon and Eugene Springfield. They seem right on the money to me.
The biggest factor that may affect our housing market is the State Supreme Court’s ruling and legislative changes on foreclosures, which will occur later this year. If I had to guess, I’d say one or both will make changes that speed up the foreclosure process. If that occurs, then more foreclosures would come on the market, taking some of the steam out of rising prices.