A growing economy, pent-up demand, competitive mortgage rates and affordable home prices will keep housing on an upward trajectory through 2015. However, several obstacles including tight consumer credit, shortages of lots and labor and rising materials prices are hindering a more robust recovery, according to economists who participated in the National Association of Home Builders (NAHB) Spring Construction Forecast Webinar.
"Housing needs an improved economy," said David Crowe, NAHB chief economist, adding that the economy is expected to respond as payroll employment continues to grow and the unemployment rate slowly recedes from 6.7% in the first quarter of this year to 6.2% by the fourth quarter of 2015.