With so many fists beating on the housing-is-facing-ruin door, Altos Research is set to release data that claims all that pounding is in vain.
Clients will begin receiving a report Wednesday afternoon, but HousingWire was able to get a sneak peek, and the results say that housing recovery critics are wrong about housing. According to Altos, it’s going to soar in 2015.
“While we see signs of demand easing, we are significantly more bullish on housing than many of the recent headlines seem to suggest,” said Altos CEO Michael Simonsen. “Based on our models, we’re forecasting another year of home price appreciation, with a 7% home price increase for the year of 2015.”
Single-digit appreciation is a remarkable prediction. Many other experts anticipate depreciation in the nation’s housing market, so the Altos call is relatively noteworthy.
What’s driving the negative stand most of the market holds? The media is partially to blame, the report states.
Bearish Headlines, Bullish Reality
In the section titled, “Bearish Headlines, Bullish Reality,” the researchers state their case this way:
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Just back out of hospital in early March for home recovery. Therapist coming today.
Sales fell 5.9% from September and 28.4% from one year ago.
Housing starts decreased 4.2% to a seasonally adjusted annual rate of 1.43 million units in…
OneKey MLS reported a regional closed median sale price of $585,000, representing a 2.50% decrease…
The prices of building materials decreased 0.2% in October
Mortgage rates went from 7.37% yesterday to 6.67% as of this writing.
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