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Home prices set to rise 3% in the US in 2014 but mortgage rates will rise
Posted on:Thursday, December 19, 2013

Residential real estate values in the United States will increase by 3% and it will be easier for borrowers to get a mortgage in 2014, according to predictions from property firm Zillow.

The firm also estimates that mortgage rates will reach 5% by the end of the year and home ownership rates will fall to their lowest point in nearly two decades.

To determine which markets will be the hottest in 2014, Zillow combined data on unemployment rates, population growth and its Home Value Forecast to give an early view into housing markets that are likely to experience heavy demand for homes, as well as increasing home values.

Top of the list is Salt Lake City, followed by Seattle, Austin in Texas, San Jose in California and then Miami. Making up the top 10 are Raleigh in North Carolina, Jacksonville in Florida, San Diego, Portland in Oregon and Boston.

Stan Humphries, Zillow chief economist, pointed out that in 2013 home values rose rapidly at about 5% nationwide and more than 20% in some local markets. ‘These gains, while beneficial in many ways, were also unsustainable and well above historic norms for healthy, balanced markets,’ he said. Read More......



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