Mortgage Applications Increase Starts Optimistic Outlook for 2014

Housing RecoveryAs we move into 2014, we continue to see the progression of the housing recovery.  The Mortgage Bankers Association reported that during the first week of 2014, mortgage applications were up 2.6% than the previous week.  Refinances remained a steady total of 63% of applications submitted during this period.

According to data reported by Fannie Mae in their December 2013 National Housing Survey:

  • 50% believe it will be easy to get a mortgage, up 5% from last year and the highest it has been
  • 49% believe home prices will rise over the next year, up 6% from last year
  • 67% say now is a good time to buy a house, up 3% from the previous month
  • 66% stated that they would buy if they were to move
  • Over 50% believe that rent prices will increase over the next 12 months

The National Housing Survey, a quarterly survey, polled 1,005 Americans by telephone with over 100 questions.  Questions regarding owning, renting, pricing, the economy, finances, and more were asked.  Fannie Mae has been conducting this survey for several years.

Do you agree with the majority of those polled?  What do you think 2014 holds for the progression of the housing recovery?