Recovery to Continue in 2014

The real estate market will continue it's road to recovery in 2014, with home prices rising 6 percent and mortgage rates continuing to rise, according to Lawrence Yun, chief economist for the National Association of Realtors. While existing home sales are expected to remain flat at roughly 5.1 million units, new homes could rise by 25 percent from 430,000 to 510,000 next year. This part of the market is still in recovery due to the difficulties for smaller builders to obtain financing. Hopefully this will continue to ease throughout the next year.