A new housing forecast by Realtor.com predicts better home sales and housing inventory nationwide for next year, and the Stockton-Lodi area will be among the top housing markets.
Stockton was at the bottom of the heap 10 years ago, leading the nation in foreclosures.
But now a turnaround is in sight nationwide with a greater housing inventory and home sales.
Patrick Wallace with the Central Valley Association of Realtors says interest rates are also expected to go up but that could force many people who’ve been sitting on the fence to act.
“As interest rates start to move up, people have to make a decision whether now is the time for them to buy, or as it gets more expensive, they might be priced out of the home that they want," Wallace said.
Wallace says the tax bill being debated in Congress could be a factor in taking away the mortgage deduction which could lead to fewer sales.
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