AgentIndustry News

CoreLogic’s 5 housing market predictions for 2016

Home sales, prices and rents will rise, while the vacancy rate will stay low
  • As the new year approaches, economists are getting detailed with their 2016 predictions.
  • An improved macroeconomy will result in rising home prices, according to CoreLogic.
  • While single-family home originations will decline, we'll likely see a gain in multifamily lending, which reflects higher property values and the completion of new housing.

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With the countdown to the ball dropping on the end of 2015 a little more than a week away, economists are predicting that economic growth will continue in 2016 as the country enters its eighth consecutive year of expansion, according to CoreLogic’s MarketPulse report for December. Most forecasts place growth at between 2 percent and 3 percent during 2016, creating enough jobs to exert downward pressure on the national unemployment rate. If positive economic conditions do prevail in 2016, we will likely see these five features in next year’s housing market, according to CoreLogic’s predictions. Nonwarit / 1. Higher interest rates -- for all loan types Last week, as anticipated, the Federal Reserve raised interest rates by 0.25 percent, its first rate hike in almost nine years. According to CoreLogic, higher short-term rates will mean that homeowners who have adjustable-rate mortgages or home equity lines will likely see a rise in their rate. Fixed mort...