Impact 5: Economist says home prices climbing 5 percent by 2014

WEST PALM BEACH, Fla. - Carlito Denis loves to fish.

"I fish, I work and I fish," Denis said.

He's is waiting today for a big catch.

"It takes a lot of patience, so I sit out here for a while sometimes."

Homeowners these days know all too well about waiting around for something good, but it could be on the way.

"The market is in a recovery," Dr. John Tuccillo, Chief Economist for Florida Realtors said Thursday morning.

Denis hopes so. He'd love to be a homeowner, but he's just renting right now.

"I don't have the means to pursue that right now," Denis said.

"The biggest problem right now is the accessibility to finance," Tuccillo said.

He thinks that's part of what's holding up the recovery.

"Potential homeowners have to be extremely careful about their financial résumé. You have to walk into the market with platinum credit, you have to have a substantial amount down, and you have to have scaled back your non housing debt if you're going to cash in on these very, very low interest rates," Tuccillo said.

During a presentation to a room full of Realtors, he shared news that homeowners have been waiting to hear.  He says 2013 will be a good year.

"The average Floridian, Palm Beach county resident will find their house is 5-percent more valuable at the end of the year than in the beginning," Tuccillo said.

A wait that could pay off for homeowners trying to catch a break.

"I think if your underwater and current with your mortgage, then time is going to heal that wound," Tuccillo said.

One of the things driving up prices is limited inventory. Tuccillo said that is making this a rare time where both buyers and sellers can benefit.
 

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