Housing Outlook for 2013
The housing industry directly affects many aspects of the flooring industry; and the overall economy in general. Wall Street Journal recently ran a series of blog posts presenting the Five Housing Issues to Watch in 2013.Among other things, rising prices are predicted to boost housing demand. Because prices finally hit a bottom in 2012 (up 6% over Oct 2011), more sellers will be encouraged to put their homes on the market and in turn boost demand.New construction continues to rebound (starts are at a four-year high) and foreclosures are on the decline.Positive gains may be still be hard to come by however, due to low inventory and restrained credit standards. Sale volumes, and therefore housing gains, will suffer if there are not enough properties on the market and would be homeowners are unable to secure loans.What should we expect in 2013? Evidence points more strongly to a continued rebound, albeit one that still has considerable headwinds and that varies from one market to another.Do you plan to buy or sell in the New Year?Source: Wall Street Journal