According to Bank of the West Chief Economist Scott Anderson, many potential home sellers have been watching prices increase on homes, waiting for the right time to sell. He says, “If they see that softening in home prices, I think you will see more potential sellers jump into the market. That would make for a more balanced market.” Anderson predicts the S&P Case Shiller home price index will rise only 2.8 percent in 2014 as compared to 13 percent this year. Noting the bargains are gone in the foreclosure market, as nationalmortgagenews informs MHProNews, he says investors will not be bidding up prices as before, but that the housing recovery still has momentum.
(Image credit: Joshua Scott/HousingWire)