A Difference In Opinion
As I share Jim Belote's Mortgage Matters, I very frequently am in solid agreement with the Market Recap provided.
For most points expressed below:
1. Pressure on Interest Rates to rise
2. Housing Market to continue to improve in 2014
3. Real Estate Investment is on rise
I am in total agreement.
Yet, Jim's report notes that price increases can't be sustained as values have risen with rare exception since 2009. Though this
has happened on a national basis, home values were flat or lower until mid 2010 in Hampton Roads.
Thus as a local market, the gradual increases values(4-6%) seen each of the past two years is very sustainable. In fact, Hampton Roads is expected to continue a roughly 4% increase trend through 2018(as far as projections go for now).
As always, National Trends or analysis based on given markets(California and Nevada for value increases) will not
match every or any given local market. Influences or given trends may be true but never will there be perfect consistency.
Every real estate market is a local phenomenon.