Forbes Magazine, that guru of money, has recently issued a roundup of real estate realities for 2015. Rather than re-invent the wheel, this week I am presenting their insights to you in a deconstructed and simple format. Here we go:
An overview: Real estate has stabilized – yay! After years of roller coaster values, we have arrived at a kind of normalcy. This is good news. Another 10 expectations for the year follow:
1. Slow gains: As investors looking for quick returns have left the market, prices have settled. Forbes reports that prices are back to 2005 levels, and the top 20 cities are about 15-17 percent off the highs in mid-summer 2006. Zillow is predicting a very slim rise of about 2.5 percent in 2015.
2. Affordability Slippage: Though prices may have slowed, wages are even slower. Realtor.com predicts a decrease in affordability between 5 and 10 percent this year. As mortgage rates rise, the gulf between income and cost will widen further.
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