Housing sales will continue in 2014 much like sales were in 2013 with one difference. First time home buyers are through. Cash buyers will make up a larger portion of the market.
GeneHoffman
HOUSTON, Feb. 11, 2014 /PRNewswire/ -- While rising home prices are
leaving older homeowners flush with increased equity so they can buy new
or second homes -- increasingly outright with cash -- younger people
are finding it more difficult to buy into the American dream of
homeownership with price tags that outpace their income growth,
according to the latest BBVA Compass research.
"For these prospective homebuyers, home prices have risen faster than
their incomes during the recovery," BBVA Compass economist Jason
Frederick wrote in his 2014 housing outlook. "Currently, home prices are
now on the high end of a historical relationship between median home
prices and median family income, and young families will need to see
faster income growth and save additional money to make a larger down
payment."
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