Where is the housing market going in 2013?
The housing market in 2013 stands on a precipice. While there is hope that the slow, but real, housing recovery that took hold last year will continue, fear remains that a sudden economic dip of the kind that could be caused by fiscal disputes in Washington will send the housing market back in retreat.
Barring prolonged fights over the government's borrowing limit and federal spending, housing is likely to see mixed results this year. What that means: more foreclosures, slow growth in home prices in some markets, more regulation and low interest rates. Here are a few predictions for how the housing market will change -- or not -- in 2013:
1. Housing depression to persist through 2013. If the stock market fell 80 percent, everyone would be calling it a depression (or worse). Well, new home sales are still down nearly 80 percent from their peak before the housing crash, home prices are still down at least 25 percent from record highs, and foreclosures are still rolling through. Read the rest of the story at www.cbsnews.com.