Expect Housing Market Correction; Trio of Florida Cities Lead Forecasted Apprecition
While inventory may be rising across the country and the demand for Florida home loans appears to be waning, there are more reasons for those in the local housing market to remain patient and calm. A soft landing and impressive appreciation is expected in a few Florida cities.
Nationwide, single-family home prices will rise 3.5 percent between now and June 2007, according to forecasters at Fiserv Lending Solutions and Moody’s Economy.com. “That’s a decent increase,” says Fiserv chief economist David Stiff.
How will certains regions fare? Should you expect a great deal on your Florida home loan? What about other sectors of the country? Appreciation will slow to a trickle in New York and Los Angeles, but three of the top seven forecasted markets (from June 2006 to June 2007) are in the Sunshine State. They include:
- Panama City: Current median price = $124,555; Predicted appreciaton = 21.2%
- Lakeland: Current median price = $170,000; Predicated appreciation = 13.9%
- Ocala: Current median price = $161,000; Predicted appreciation = 12.9%
Expected double-digit gains such as these should ensure that the Florida home mortgage loan market remains strong through 2007 at least.
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