The real estate market has been constrained by tight supply and tight credit, but one economist is predicting 2015 will be a good year for housing.
According to a new report from Redfin, almost 70 percent of homes on the market are "stale," meaning they have sat on the market for more than a month. At the same time, there is a lack of listings and home prices are rising. Existing home sales increased 6.1 percent in March, their highest level in 18 months, the National Association of Realtors said earlier this week.
Because many people lost equity in their homes, they aren't selling, explained Christopher Thornburg, founding principal of the research and consulting firm Beacon Economics.
However, he thinks the trends are looking up.
"It is easier to get credit right now. You're starting to see stabilization in outstanding mortgage debt. Banks are starting to lend again," Thornburg said in an interview with "Closing Bell."