Freddie Mac’s Chief economist says “a healing housing market could boost GDP by 1/2 a percentage point in 2012”. The Census Bureau’s Residential Construction Report for November pegged annualized housing starts at 861,000 units, a number that far exceeds the most optimistic forecast for 2012.
The housing market will likely never return to prerecession numbers, but the Trulia “housing barometer” for November stood at 51 percent, which means the real estate site believes the housing market is halfway recovered, and their chief economist predicts the barometer will be in the 90s by 2015 or 2016.
John Caufield, the author of the article, sums up the situation saying “the market is undeniably moving in the right direction. And as long as the economy doesn’t tank again, this time the forecasters actually could be right.”
If the time is right for you to take advantage of housing’s recovery, a North Eastern Group Realtor is prepared to assist with your significant Fort Wayne real estate decisions. Our corporate commitment is to provide real knowledge, proven experience and professional, quality service. To search all Fort Wayne homes for sale or find a Fort Wayne REALTOR, visit our website at NorthEasternGroup.com.
North Eastern Group Realty is Fort Wayne’s largest independent real estate company located at 10808 La Cabreah Lane, Fort Wayne, IN 46845.
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New home construction has been well below the 1.5 million unit per year average of the last 50 years, but housing starts are expected to rise from 776,000 units in 2012 to at least 1.1 million in 2013. Shadow inventory (homes in foreclosure or with seriously delinquent mortgages) has fallen from its high of nearly...