Bank of America raises forecast for gain in home prices

Source: John Gittelsohn - Bloomberg News

U.S. home prices probably will rise 8 percent this year, up from a previous estimate of a 4.7 percent increase, according to Bank of America Corp.

Low interest rates, a tight inventory of properties for sale and record affordability are fueling accelerated price gains, Michelle Meyer, a Bank of America U.S. economist, and Chris Flanagan and Justin Borst, mortgage-backed securities strategists, said in a note to investors titled “Someone say house party?”

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