‘Uncertainty’ surrounds 2014 housing market

Housing, which zoomed up 18.4 percent in price last year, faces “uncertain” prospects this year, according to Tim Sullivan, newly named local chairman of the Urban Land Institute.

Sullivan, a real estate industry consultant, said last year’s housing market was one of “exuberance.”

“Now I’d characterize the 2014 outlook as one of optimism but still with a level of uncertainty,” Sullivan said, “because we had such a nutty 2012 and ’13 with home prices moving up quickly and a little bit of land selling — maybe a three-year period of exuberance jammed into one. The market is now reeling again and there’s concern and uncertainty.”

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