It’s a new week and you know what that means – wild predictions of a housing recovery!!

With the stress of last week forgotten in the haze of a wonderful July 4th and a great weekend, it’s time to keep on our rose colored spectacles a little longer. Here are some of the rosier stats and then we’ll make some down-to-earth predictions.

– Even with a slowing economy, the housing market is picking up.

– New home sales are up over 18% from this time last year.

– Construction is up 20% in the first half of the year from 2011.

– Home prices are up 6.2% from this 3-month period last year.

So does this mean sellers, buyers, investors, banks, congressmen, and everyone else are running to call an end to the crisis? Well . . . for a change, they’re not. Even the most head-in-the-clouds individuals are being really cautious this time. Some of the sobering stats:

– Residential construction is at 2.3% of GDP, down from 6.3%.

– Home prices are down 1.9% total from last year.

– Rental demand is higher than ever with vacancy rates down to only 4.7%.

So there are reasons to be hesitant to make predictions, and I fully support that. Keep your chin up, keep contributing to our recovery, and your big payoffs will soon be in site.

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