Housing Affordability Expected to Take a Hit in 2014

    National Association of Realtors Chief Economist Lawrence Yun reported in the Jan/Feb 2014 issue of Realtor Magazine that the influx of buyers in 2013 helped strengthen appreciation, which led to overall increased consumer confidence.  All of this resulted in 5.1 million home sales in 2013, the best year for purchases since 2007.  Sales volume gains in 2014 are expected to be small at best because of rising interest rates and home prices.  The good news is that continued growth in the economy has stayed on track, and while modest, the expected increase of more than 2 million jobs each year should provide a boost to housing markets.

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