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Several economists have recently revised their predictions on housing values to reflect a stronger-than-expected rebound, and some have even doubled their original forecasts over the in home prices. For example, economists at Bank of America revised their home forecast from 4.7 percent this year to 8 percent.

Capital Economics’ Economist Paul Diggle upwardly revised his home price forecast too, from a 5 percent projection to an 8 percent rise in home prices this year.

“Prices of both new and existing homes are picking up, the latter by over 10 percent year-on- year,” Diggle notes. “Indeed, after a couple of years during which new outperformed, primarily owing to builders constructing more homes for the higher-end , we now expect existing house prices to close the gap. As more consumers are able to access mortgage , home builders should widen their offering, while continued investment demand will bid up existing house prices.”

Consumers are growing more optimistic about home prices too. A recent report of consumers from mortgage giant Fannie Mae showed that 48 percent believe home prices will rise over the next year.

, an independent real estate analyst, told last week that “we’re in a nirvana for housing. I’m the most bullish I’ve ever been.” Zelman said that home prices could rise for another four to six years.

Source: http://realtormag.realtor.org/daily-/2013/03/14/economists-revise-housing-figures-amid-optimism

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