The housing market continues to play a key role in the success of our economy. As we overcome concerns about higher interest rates, tight mortgage credit and overwhelming student debt the housing sector will play a major role in the increase in economic status for 2016. Home sales and the median home prices are expected to increase and this will help push the GDP up more than 2%. While we have not recovered from the Great Recession there are 3 key areas that will help increase our economy:
- Labor Market Coming Back
- Wage Growth Picking Up
- Millions of households ready to form that were hit by the recession
As 2015 comes to an end we will be watching the housing market and how it will continue to help our economy.