2014 has seen significant improvement in housing. We think there is plenty of room for housing to move higher when the market is viewed from a historical perspective.

Private real estate investment, for one, is still at levels that existed a decade ago. The same is true of household real estate value as a percent of GDP and mortgage debt as percent of GDP. The market is running sub-optimally. That means there is still plenty of upside to capture.

It's also worth remembering that we are a growing country. There are more people than a decade ago. Our population increases year over year. Millenials in particular are a fertile source of pent-up housing demand. Contrary to many accounts , young people still want to buy a home. With the job outlook continually improving, many more of them will.

What's more, a rising tide will lift all ships. We expect to see more activity in all segments of the market. We expect not only to see more people enter the market, but we expect to see more buying and selling within the different price segments.

In short, we look forward to 2015, and we would not be surprised if it turns out to be one of the best years for sales and lending that we've seen in over a decade.

Information provided by Jessica Regan.

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