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Housing Up, Home Ownership Down The Mysterious New Housing Bubble
The rebound in housing is now in full swing. Housing starts are up, existing home sales are gaining pace, inventory is down, and prices are on the rise. According to a recent report by Corelogic “House prices are up 6.3% year-over-year in October, the largest increase since 2006 and the eighth consecutive increase in home prices nationally on a year-over-year basis.” Many experts are now predicting that 2013 will be even better, in fact, J.P. Morgan thinks that prices could gain another 10 percent in the next 12 months. Here’s the story from the Wall Street Journal:
“J.P. Morgan Chase Co. expects U.S. home prices to rise 3.4% in its base-case estimate and up to 9.7% in its most bullish scenario of economic growth. Standard and Poor’s, which rates private-issue mortgage bonds, on Friday said it expects a 5% rise in 2013.” (“Home Prices Could Jump 9.7% in 2013, J.P. Morgan Says”, Wall Street Journal
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