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Six Economists Reach Similar Conclusions on 2015 Housing Outlook

Thursday, January 22, 2015

Optimism about the housing market has been a  "misplaced notion"for the last seven years according to Wells Fargo Senior Economist Mark Vitner, But 2015, he says, could be the year.

Vitner was one of six economists making predictions for the housing market in 2015 for RealtyTrac's January issue of HousingNewsReport, Five of the economists were interviewed by the web magazine staff while Vitner made his forecast in for the regular "My Take" feature of the publication.   While each of the six had a slightly different take, there was largely a consensus on both the past and the future.

Most, like Vitner, said that 2014 had not lived up to expectations.  Lawrence Yun, Chief Economist for the National Association of Realtors® (NAR) said that neither housing starts nor home sales met expectations "despite amazingly and surprisingly low mortgage rates."  He blamed tight credit for both mortgages and home construction as obstacles to a faster recovery.  Mark Zandi, Chief Economist for Moody's Analytics said that the economy's performance struck to its script during the year but the housing recovery fell short with higher mortgages rates at the beginning of the year while tight mortgage credit weighed on single family housing demand. 

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