Kiplinger: Housing recovery firmly underway
WASHINGTON – March 13, 2013 – Prices are
rising and inventories are falling in markets throughout the United
States, which has led financial reporting and forecasting firm Kiplinger
to declare the housing recovery “firmly” in motion. Moreover, the
company says housing will help carry the overall economy at a time when
U.S. exports are decreasing, says Karen Mracek, a Kiplinger editor and
real estate analyst.
“The biggest reason we think we’re on firm ground is that we’re seeing
every indicator on the way up,” Mracek says. “As with the overall
economy, it’s kind of hard to call the bottom or the pivot point. But
we’re seeing a range of indicators that suggest pretty solid growth
going forward.”
In addition to home values and supply, positive indicators include the
number of multiple-bid situations, new-home construction and credit
availability, she says. Solid improvements in those fundamentals will
lead to formation of new households and help more borrowers come out
from underwater – and trade up to a new home. They’ll also create new
jobs in real estate and construction, Mracek explains.
The recent gains made in housing have some concerned that real estate
could be entering another bubble market, but Mracek disagrees with that
assessment. “There might be [a bubble] in some concentrated markets,”
she says. “But I don’t think it will be a bubble that’s as widespread
and disastrous as the one that happened in the last decade.”
Improvements have been – and will continue to be – uneven. The
turnaround will probably be slower in metro areas in Florida and the
Midwest.
Nationally, Mracek says the current housing recovery is real and
sustainable, but she also acknowledges that the rise in home values and
decline in inventories won’t maintain their current pace.
“We see prices leveling out a bit more [in the future] from the late
jumps in 2012,” she says. “There are still foreclosures for the banks to
work through. As prices improve, you’re going to see banks get rid of
REOs.”
Source: Brian Summerfield, REALTOR® Magazine
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