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It’s been nearly six years since the housing market crashed, now that the dust has finally settled, what does the market have in store for consumers...
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It was the first heard round the measures in California up.
327%.
-- homeowner is just out of luck in many cases we have no idea who owns our mortgage there're so many homes that are so far underwater that people -- it's it's cheaper to walk away are we headed for another recession.
-- 2007 implosion of the housing market sent the economy into a recession and now almost six years later.
The market is finally showing signs of a sustainable recovery.
2012 was a break out there are so very nice recovery would double digit gains and home sales and prices finally turning positive.
The momentum will continue in 23 thing because these same factors that helped drive home sales last year -- is still present this year.
Low prices and rock bottom interest rates needed a buyer's market over the last five years.
But there are signs that -- eighty turning this year to -- home seller.
It is a home seller's market now because the inventories so low.
And so when you have low inventory.
Like we have currently and you have a pool of buyers which.
Have been pent up for a long time it creates that.
Bidding war situation because you're just not a lot of good homes that are available for sale because of the lack of -- -- -- But there's a bifurcation indeed homebuilding industry big builders who can -- Wall Street funds are able to get the capital and start building.
But most of the home building in America are traditionally has been a small local builders and they rely on backed -- and and trying to obtain construction -- has spent excessively difficult.
House -- shouldn't panic that they -- their buying opportunity experts forecast interest rates -- -- around three to 4% until 2014.
This Cheryl -- being modestly higher but he will be -- second lowest in forty plus years.
I anticipated by year end that mortgage rate may be closer to 4%.
It was still mark one -- always and I generation.
It's -- sobering -- markets -- -- rules and an average for fat I'm not fair housing out now.
Every day now across the board is.
Fully disclosing what their cost are so there's greater level of accountability.
From the financial standpoint which is causing.
Borrowers to be able to shop -- options from Wednesday to -- Well experts plan for an -- full recovery for the housing market and 2013.
There is one thing that could get in the way.
Only thing that could potentially school road to recovery is actually changes in Washington policy.
Things as -- new mortgage rule them secretly tired term.
The accessibility of mortgages or even changes to mortgage -- deduction.
For Fox Business I'm Catherine --
