While all indicators seem to point to a strong economy for 2015 in the US, the housing market continues to play by a different set of rules.
Not only has housing been largely impacted by bulk purchases though hedge funds and private equity during the past 2-3 years, but the real estate market itself has seen mixed recovery and even huge gains depending on regional geographic sectors.
For example, cites including New York, San Francisco, much of Southern California and Miami and the Beaches have all experienced significant price gains. Other parts of the country have seen modest appreciation and yet we still read about many areas where defaults are on the rise and markets are softening. Of course, we haven't even considered the fact that tight lending standards and the ability to get financing has become nearly impossible and has only recently started to show signs that lenders are once again providing mortgages for buyers who are unable to pay all cash. The typical buyers/first time buyers have found it very difficult to even participate in the market due to tight lending standards, leaving the a large percentage of transactions being controlled by institutional investors and international capital entering the US
Hopefully in 2015 we will see a return of traditional buyer/seller transactions and mortgage lending will do more to facilitate the process.
In summary, I think this will be a much needed transition if the overall real estate market is going to maintain a healthy position. It will encourage pent up buyers that are currently trapped in rental housing the opportunity to once again obtain home ownership in a stabilizing housing market.