“Home prices could climb as little as 3.4 percent and as much as 9.7 percent next year, according to JPMorgan Chase estimates.
The bank boosted its base-case growth estimate to 3.4 percent from 1.5 percent after concluding that net demand for housing in 2012 has surpassed 2 million homes, the first time since 2006, according to The Wall Street Journal. Net demand is defined as a measure of the pace of existing home sales minus the inventory of homes available for sale.
“Net demand has picked up a lot in 2012,” said JPMorgan Chase strategist John Sim, The Journal added…. ”
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